Jahez International Company for Information Systems Technology (SASE:9526) signed a non-binding memorandum of understanding to acquire The Chefz SPV Ltd from Abdulrahman Abdullah Alshabanat, Abdulrahman Ahmed Almarshed, Abdullah Mohammed Aldosari, Saqr Fund L.P and Impact46 Seed Fund and others for approximately SAR 830 million on May 19, 2022. As per the terms of the transaction the consideration for the Proposed Transaction will be based on the finding of the due diligence, and it will include cash and shares. The transaction is subject to Conducting financial, technical, tax, legal and commercial due diligence, valuation, final negotiations, signing the relevant agreements and applying for approvals from the relevant authorities. As on November 29, 2022, Jahez International Company for Information Systems Technology (SASE:9526) signed share purchase agreement to acquire The Chefz SPV Ltd. The deal value consists of cash SAR 325 million, share issuance of 0.38 million and earnout of SAR 100 million. Completion of acquisition deal is subject to Capital Market Authority approval, approval of the Saudi Stock Exchange (Tadawul) to list the new shares, approval by Saudi General Authority for Competition and is expected to be closed in Q1-2023.

As on May 1, 2023, an agreement has been signed to extend the share purchase agreement. The transaction is expected to complete by July 31, 2023. James Stull, Marcus Young, Nabil Issa and Mohammed AlAmmar of King & Spalding LLP acted as legal advisor while EFG-Hermes acted as financial advisor to The Chefz SPV. HSBC Saudi Arabia Limited acted as financial advisor while Law Office of Salman M. Al-Sudairi in association with Latham & Watkins LLP acted as legal advisor to Jahez International Company for Information Systems Technology in the transaction.