K&A acted as legal counsel to the Public Investment Fund (PIF) in its sale of Thiqah Business Services Company (Thiqah) to Elm Company, with a deal value of $907 million (SAR 3.4 billion).

Thiqah specializes in smart technology solutions for business services. The transaction will further support the thriving ICT ecosystem and enhance its growth in the Kingdom, drive innovation, and localize technologies and knowledge by strengthening Elm to lead the sector at the national level, maximizing the value chain by providing a wide range of ICT products, services and devices.

Completion is expected once regulatory approvals are obtained and certain conditions are satisfied under the agreement.

The deal was led by Managing Partner Zeyad Khoshaim and Partner Christian Both, with support from Associates Nabeel Sarwar and Yousif Latifa.

This transaction further solidifies K&A’s position as the leading M&A law firm in Saudi Arabia, following its advisory role in numerous high-profile public and private M&A transactions, including Bawan Company’s cross-border acquisition of Petronash Holding Limited and its subsidiaries.