ZainTECH To Acquire STS
This strategic move enables ZainTECH to expand its service offerings to enterprises and government bodies, access top talent, foster innovation, and enhance its competitive position across the region.
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ZainTECH, the integrated digital solution provider of Zain Group, announced that it has entered an agreement for the complete acquisition of Specialized Technical Services Company (STS), a digital transformation solutions providers in the region and the Kingdom of Jordan.
This strategic move enables ZainTECH to expand its service offerings to enterprises and government bodies, access top talent, foster innovation, and enhance its competitive position across the region.
Commenting, Bader Al-Kharafi, Zain Vice-Chairman and Group CEO said, “This deal comes 20 years after Zain’s first regional expansion into Jordan and is a testament to our commitment to driving the Kingdom’s and the region’s digital transformation journey. Innovation has always been a catalyst for driving regional economies and improving the lives of citizens across our markets. The current roll-out of the state-of-the-art 5G services across the Kingdom and the acquisition of STS by ZainTECH will further consolidate Jordan’s position as a leading digital hub and a key enabler of innovation and entrepreneurship in the region.”
Andrew Hanna, ZainTECH CEO commented, “The agreement to acquire STS, with its talented team, years of expertise and impressive customer base, will amplify ZainTECH and Zain B2B teams’ capabilities to provide clients with cutting-edge and comprehensive digital transformation solutions, solidifying our position as leaders in the industry and driving digital transformation in Jordan and across the region.”
Ramzi Zeine, Co-Founder and Executive Chairman of STS said: “The momentum gained by ZainTECH since its launch in October 2021 has been nothing but remarkable, and we are excited to collaborate and support its growth and development from our standing point in Jordan and from our regional operations in Saudi Arabia, UAE, Bahrain, and Iraq. The Jordanian ICT sector is undoubtedly a key pillar in the national economy.”
Aiman Mazahreh, CO-Founder and CEO of STS said: “Today we witness a strategic leap in the history of STS, and we are extremely proud to join forces with ZainTECH. We look forward to leaving noticeable marks on the digital transformation scene in Jordan and the region”.
PWC-Strategy& advised ZainTECH and Lumina Capital Advisers advised STS on this transaction. DLA Piper was the legal advisor for ZainTECH and Clyde & Co was the legal advisor for the shareholders of STS. This acquisition is subject to regulatory approvals.
