Solutions by stc completes $79m acquisition of Devoteam Middle East  

RIYADH: Saudi Arabia’s digital reach extends globally, with the Arabian Internet and Communications Services Co. acquiring a 40 percent stake in Devoteam Middle East.  

The investment, totaling SR296.69 million ($79.1 million), solidifies the position of the company, also known as Solutions by stc, in the digital market. The completion of the acquisition of Devoteam Group’s regional subsidiary leads to a valuation of SR741.7 million for the acquired company, as reported by the Saudi Press Agency. 

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