Abu Dhabi-based International Holding Company (IHC) has acquired a 54% stake in information and communications technology provider Emircom for AED250 million ($68 million).
IHC, which was set up to manage non-oil and gas investments in the UAE, said it has made the acquisition as part of its strategy to grow its digital assets portfolio and to expand into new growth areas.
The acquisition comes close on the heels of IHC acquiring a 15% stake in Burjeel Holdings.
Syed Basar Shueb, IHC’s CEO, said the company will continue to seek further acquisitions in different industries, including the information, communications and technology area.
“This acquisition of a majority stake in Emircom will help IHC Digital to continue deepening its profitability and depth in the sector,” he said.
Emircom was set up in 1984. Over the years, it has forged partnerships with several companies in the ICT sector. Some of its marquee partners include Cisco, Oracle, Dell, HP, Microsoft, Huawei and Schneider.
“This acquisition brings a new dimension to Emircom, as well as adds further scale to our business growth plans in the Middle East market,” said Hussain Jasim Al Nowais, chairman of Al Nowais Investments and Emircom’s shareholder. “It is a testament to the Emircom team that we have received such a strong endorsement from IHC Digital, a key strategic subsidiary of International Holding Company.”