To acquire cloud cyber security tech firm Z Services HQ DMCCAGC Networks announced that Black Box Holdings, Indirect Wholly-Owned Subsidiary of AGC Networks, has entered into a Share Sale Agreement with Z Services Holding, a BVI business company incorporated in the British Virgin Islands on 11 March 2021, to acquire 76% of shares of Z Services HQ DMCC (Target Company being limited liability company incorporated under laws of Dubai Multi Commodities Center), for total consideration of approx. USD 3.94 million, payable at the time of closing.
The said acquisition is anticipated to be completed within 60 days of signing the share purchase
agreement.
The said acquisition of Target Company will help AGC to strengthen presence in Middle East region and also add cloud cybersecurity capabilities to offer wider range of services to its customers.
AGC Networks to acquire stake in Z Services HQ DMCC for $3.94 mn
PTI
New Delhi |
Updated on
March 12, 2021
AGC wants to strengthen its presence in the Middle East AGC Networks on Friday said its subsidiary, Black Box Holdings, will acquire a majority stake in Z Services HQ DMCC for about $3.94 million.
Black Box Holdings Ltd, an indirect wholly-owned subsidiary of AGC Networks has entered into a share sale agreement with Z Services Holding Ltd, a BVI business company incorporated in the British Virgin Islands on March 11, 2021, a regulatory filing said.
Under the agreement, Black Box Holdings will acquire 76 per cent of shares of Z Services HQ DMCC for a total consideration of approximately $3.94 million, payable at the time of closing, it added.