Infinite Reality™ (iR), an innovative company specializing in digital media and e-commerce through extended reality (XR) and artificial intelligence (AI), has announced a definitive agreement to acquire Touchcast, a leader in agentic AI technology, for $500 million in cash and stock. This acquisition marks Infinite Reality’s largest transaction to date and values the company at...
Maseera Holding for Financial Investments (Maseera), a subsidiary of 2PointZero, has successfully acquired the Egyptian consumer finance platform ADVA. This acquisition aligns with 2PointZero’s earlier commitment of $1 billion in long-term capital aimed at scaling Maseera’s financial services platform globally, particularly focusing on enhancing access to credit in underserved markets. Founded in 2020, ADVA has...
The European Commission has announced that its antitrust regulators will make a decision by May 12 on whether to approve or reject Adnoc’s acquisition of the German chemical company Covestro. This deal, valued at €15.9 billion (approximately $17.2 billion), represents Adnoc’s largest acquisition to date, which was agreed upon in October of last year as...
The Saudi Real Estate Refinance Company (SRC) has entered into a mortgage portfolio acquisition agreement worth SAR 3.4 billion with the Saudi National Bank (SNB). This agreement, one of the largest mortgage refinancing transactions in Saudi Arabia, aims to enhance market liquidity and support the development of the country’s secondary mortgage market. The contract was...
Saudi Arabia’s integrated utility company, ACWA Power, has signed a share purchase agreement (SPA) with the regional subsidiary of French utility developer ENGIE to acquire assets valued at $693 million. This acquisition marks ACWA Power’s entry into the Kuwaiti market. The deal includes significant operating capacities, comprising 4.61 gigawatts (GW) of gas-fired power generation and...
Saudi Arabia’s Public Investment Fund (PIF) has announced the sale of Thiqah, a business services firm, to Elm for $907 million (SAR3.4 billion). The deal, which was reported by Gulf Business, aligns with PIF’s strategy to support the country’s economic diversification goals under Vision 2030 by strengthening key sectors like information and communications technology (ICT)....
Dubai Islamic Bank (DIB), the UAE’s leading Shariah-compliant lender, has increased its ownership in Turkey’s T.O.M. Group of Companies to 25%. This marks a rise from its earlier 20% stake, utilizing an option tied to its initial acquisition in September 2023, according to Zawya. The T.O.M. Group consists of several financial entities, including T.O.M. Katılım...