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Bloomberg
Saudi Arabian grocery chain BinDawood Holding bought a majority stake in e-commerce app manager and developer International Applications Trading Co for an initial payment of $28.7 million that could increase subject to future profitability milestones.
BinDawood Holding, through its Future Technology Retail unit, signed a definitive agreement to acquire a 62% stake in IATC, according to a statement.
The unit will make additional payments in 2023 and 2026, subject to achieving revenue and profitability parameters in the respective previous years. The deal is expected to close in the second half of the year.