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Wamid snaps up remaining stakes in DirectFN: Saudi Tadawul Group subsidiary Tadawul Advanced Solutions (Wamid) is now the full owner of Middle East and Africa trading platform Direct Financial Network (DirectFN) after acquiring the remaining 49% stake from National Two Ventures for SAR 220.5 mn, the outfit said in a disclosure to Tadawul. The step follows Wamid’s initial purchase of a 51% stake in DirectFN in May 2023 for SAR 133.95 mn.
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More on the acquisition: Tadawul wants to strengthen Wamid’s capabilities in regional capital markets and diversify its revenue streams. Saudi Tadawul Group will fund the purchase from its existing Sharia-compliant banking facilities. The transaction is still pending regulatory approval.
About DirectFN: Based in Riyadh, DirectFN is a financial technology provider with upwards of 20 years of experience in supplying trading platforms, market data solutions, analytics, custom financial tools, and other Fintech, FinReg, and capital market services. It operates from five offices in Saudi Arabia, the UAE, Kuwait, Sri Lanka, and Pakistan.
IN OTHER M&A NEWS
Marafiq has fully acquired Jeddah II Operation and Maintenance Company: The Power and Water Utility Company for Jubail and Yanbu (Marafiq) has finalized its acquisition of Veolia Middle East’s 51% stake in Jeddah II O&M, becoming the sole owner of the Jeddah utility operator, it said in a disclosure to Tadawul. The acquisition is expected to add some SAR 75 mn in net income to Marafiq over 25 years, according to a separate disclosure. Details on the transaction’s value were not disclosed.
