Qatar's Mannai Approves Sale of IT Services Provider Inetum – BNN

Are you looking for a stock?
Try one of these
Are you looking for a stock?
Try one of these
More
More
Latest Videos
{{ video.Name }}
The information you requested is not available at this time, please check back again soon.
Jan 19, 2022

Adveith Nair, Bloomberg News
Dell Technologies Inc. computer cables inside a supercomputer at the San Diego Supercomputer Center at the University of California San Diego (UCSD) in San Diego, California, U.S., on Monday, March 1, 2021. MIT researchers are using the ‘Comet’ supercomputer to develop an artificial intelligence (AI) approach to detect electron correlation, which is vital but expensive to calculate in quantum chemistry. Photographer: Bing Guan/Bloomberg , Bloomberg
(Bloomberg) — Mannai Corp. said its board approved the sale of French information technology services provider Inetum SA, paving the way for a disposal that could fetch upward of $2 billion. 
Mannai didn’t identify the potential buyer or how much it expects to receive from the sale. The deal is subject to entering definitive transaction documentation and approvals, the company said in a statement on Wednesday.
The Qatari trading company has been working with advisers to help gauge interest in Inetum, Bloomberg reported last year. The company could fetch about $2.4 billion and attract private equity firms as well as other technology companies, the people said at the time.
Inetum offers systems integration, technology consulting, application engineering, outsourcing and software development services and is a top player in several European markets. The Paris-based company has nearly 27,000 employees in 26 countries and generated 1.97 billion euros of revenue last year, according to its website.
Mannai acquired 51% of the company, known at the time as GFI Informatique, in 2016. It later bought out remaining shareholders and delisted the company from the Paris bourse.
Shares of Mannai have risen about 80% in Doha trading over the past year, valuing it at about $672 million. The benchmark Qatar Exchange index gained 16% during the period.
©2022 Bloomberg L.P.
Stay away from the FAANG, but remain invested in tech: Strategist
Darren Sissons discusses the FAANG stocks and Microsoft
Amazon breakout would be a ‘really big deal’: Fairlead Strategies founder Katie Stockton
Investors to see ‘nothing but blowout earnings’ for this quarter: Belpointe’s David Nelson
McCreath: April CPI data spooks equity markets
Bears think tech earnings aren’t sustainable but fundamentals are strong: Wedbush Securities’ Ives

source