According to a bourse filing on last Wednesday, the Saudi food delivery app Jahez inked a share purchase agreement (SPA) to purchase the entire share capital of The Chefz for SR650 million ($173 million). As stated in the filing, the acquisition is currently awaiting regulatory approval, and is estimated to close in the first quarter of 2023. The deal involves an SR325 million cash payment and the issuance of additional Jahez shares valued at SR325 million, representing 5% of the delivery firm’s share capital.
Abdulrahman Abdullah Alshabanat, Abdulrahman Ahmed Almarshed, Abdullah Mohammed Aldosari, Saqr Fund L.P., Impact46 Seed Fund/Impact Seed Fund Co., and Muthmir for Investment Co. all signed the SPA on behalf of Jahez Company for Information System Technology. The founding members of The Chefz will receive an earn-out of SR100 million in cash as part of the agreement, pending the accomplishment of certain performance-related goals between January 1, 2022, and December 31, 2022. Once the acquisition is completed, the share capital of Jahez will increase from SR104.9 million to SR108.7 million.
Chefz is the operator of Best Chefs Catering Company, a service that runs a delivery service that specialises in sending flowers, sweets, and fragrances. The Chefz’s services in fine dining, confectionery, and leisure goods will allow Jahez to supplement its top food delivery platform in quick service, according to a statement from the company.
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