Bahraini investment company Investcorp Holdings plans to sell Saudi IT company NourNet amid growing investor interest in the technology sector. This is reported by foreign media.
Investcorp has engaged HSBC Holdings Plc to evaluate the proposed sale of NourNet, one of Saudi Arabia's largest IT providers, whose clients include Microsoft, AWS and Oracle. Investcorp acquired a controlling stake in NourNet in 2022.
The potential sale of NourNet is in line with the general trend of increasing the number of transactions in Saudi Arabia, despite geopolitical tensions. There are a large number of multinational investment companies in the Persian Gulf countries that seek to conclude deals. Saudi Arabia is becoming one of the main destinations for share buybacks, accounting for almost half of all transactions in the region.
Investors' interest in the technology sector has spread to public markets. In particular, Rasan Information Technology Co. and United International Holding Co. held a share placement in 2024. In addition, IT companies Tabby, Emkan Finance Co. and Tamweel Al Oula Co. intend to hold an IPO in 2025.
Investcorp is an alternative asset management investment company for private and institutional clients in the United States, Europe, and the Persian Gulf. The headquarters is located in Manama (Bahrain) with offices in New York and London (England).
NourNet is a provider of cloud computing, cybersecurity, and data center management services. The headquarters is located in Riyadh (Saudi Arabia).
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