Protiviti cements position as M&A advisor in GCC with major telecom sector deal
Guides Zajil, Kuwait's leading ICT player, through 100% acquisition by Kalaam
KUWAIT CITY, June 9, 2021 /PRNewswire/ -- Kalaam Telecom, Bahrain's leading technology solutions provider, announced the 100% acquisition of Zajil International Telecom Company, a prominent Kuwait-based Information and Communications Technology (ICT) service provider. Protiviti Member Firm for the Middle East Region (www.protiviti.com/KW-en) was the exclusive M&A advisor to Zajil on this transaction, which is estimated to be the largest ICT deal in the MENA region in the last three years.
"ICT is one of the most competitive spaces globally – and Protiviti enjoys a leadership position in this space. Our experience helped us tremendously in creating the right transaction strategy for Zajil to materialize this deal," asserted Sanjeev Agarwal, CEO, Protiviti Member Firm for the Middle East Region. "Over the last couple of years, most of the M&A deals – globally in general and MENA in particular, have been fueled not just out of a desire to expand the top line, but also to bring in digital transformation in a big way. This trend is going to accelerate. Telecom and ICT companies in GCC have to walk the tightrope between expanding into digital space, mitigating associated risks and unearthing new business value. Protiviti, as the trusted advisors to most of the leading telecom operators in the region, is uniquely positioned to help clients by bringing in deep sector knowledge, experience and firsthand insights" Sanjeev added.
Commenting on the transaction, Mr. Mohammed Abdulaziz Al Tuwaijri, Chairman at Zajil, said "Over the past 30 years Zajil has emerged as a trusted and reliable partner to leading corporates and financial institutions in the GCC region, as well as globally. We are glad that Kalaam will be the new owners of Zajil, as I am confident that they share the same vision that we have had for Zajil to continue being a leading ICT service provider in the MENA region. I take this opportunity to thank Protiviti for being with us throughout this journey, and we are appreciative of their support and advice given to us during this process."
George Thomas, Managing Director, Transaction Services, Protiviti, said "The deal presented some unique challenges, considering the extensive reach of Zajil and multiple regulatory environments. Protiviti's deal advisory team worked closely with the Zajil team as well as Kalaam, and their advisers to ensure an optimal deal structure, which was aligned to meet the aspirations of all parties involved."
Protiviti's transaction services helps organisations evaluate transactions to ensure they are entered into with a full understanding of the opportunities and risks. We provide a range of highly tailored advisory services that span the transaction lifecycle to maximise value.
About Protiviti
Protiviti (www.protiviti.com) is a global consulting firm that delivers deep expertise, objective insights, a tailored approach and unparalleled collaboration to help leaders confidently face the future. Protiviti and our independent and locally owned Member Firms provide clients with consulting and managed solutions in finance, technology, operations, data, analytics, governance, risk and internal audit through our network of more than 85 offices in over 25 countries.
Named to the 2021 Fortune 100 Best Companies to Work For® list, Protiviti has served more than 60 percent of Fortune 1000 and 35 percent of Fortune Global 500 companies. The firm also works with smaller, growing companies, including those looking to go public, as well as with government agencies. Protiviti is a wholly owned subsidiary of Robert Half (NYSE: RHI). Founded in 1948, Robert Half is a member of the S&P 500 index.
SOURCE Protiviti Middle East
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