Elevator Solutions Investment Co. Acquires Two Companies

Elevator Solutions Investment Co., a subsidiary of Mayar Holding Co., signed a binding purchase agreement to acquire the entire share capital of Saudi Installation Testing and Maintenance Co. (ITM Co. LLC) and Smart Elevator Co., argaam reports. Both companies were acquired for SAR40 million (US$10.6 million) and a 28% stake in Elevator Solutions, according to a statement to the Saudi Arabia stock exchange, Tadawul. The acquisition aims to expand Elevator Solutions’ market share, provide customers with integrated solutions, diversify the company’s product portfolio and boost its share in the Saudi elevator market. The relevant financial impact is expected to appear during the second half of 2024, the statement added.