- Saudi company Jahez acquired 76.56% of Qatar-based Snoonu in a deal valued at $245 million.
- Snoonu’s post-transaction valuation is estimated at around SAR 1.165 billion, making it the first Qatari startup to surpass the one-billion-riyal mark in market valuation.
- The deal includes the purchase of existing shares, a subscription to new shares, and the transfer of a portion of Jahez shares to Snoonu’s founder, Hamad Al-Hajri.
Jahez International Company for Information Systems Technology, a leading Saudi tech firm, has announced the signing of a purchase and subscription agreement to acquire a 76.56% stake in Qatar-based Snoonu Holding. According to the agreement, Snoonu’s founder, Hamad Al-Hajri, will retain the remaining shares.
In a disclosure to the Saudi Stock Exchange (Tadawul), Jahez stated that it will acquire over 8.1 million existing shares of Snoonu, representing 75% of the company’s capital. Additionally, Jahez will subscribe to approximately 724,000 new shares, equivalent to a further 1.56% stake.
The total value of the deal is approximately $245 million, including $214 million in cash for the acquisition of existing shares and $20 million for the subscription to new shares. As part of the agreement, Jahez will also transfer nearly 1.5 million of its own shares—about 0.7% of its capital—to Hamad Al-Hajri.
Following the capital increase, Snoonu’s valuation is estimated at SAR 1.165 billion ($320 million), making it the first Qatari startup to surpass the SAR 1 billion mark in market value.
Jahez confirmed that the transaction will be funded through a combination of available cash, banking facilities, and treasury shares.
العربية (Arabic) To read the article in Arabic, click here
