stc signs binding offer with solutions to sell 49% stake in Contact Center Co.

RIYADH: Saudi telecom giant stc has signed a binding offer to sell its entire 49 percent stake in Contact Center Co. to its subsidiary Solutions by stc for cash consideration.

On a cash-free and debt-free basis, the 100 percent enterprise value is SR450 million, according to a bourse filing.

The financial impact of the acquisition is expected to be positive, as solutions will become a 100% owned subsidiary of Contact Center Co.