Quint Digital has announced that it has entered into an exclusive, non-binding agreement (Letter of Intent) to acquire a significant majority stake in a digital content management system and services group having a presence in the Middle East, Far East, and African regions, at a valuation of USD 10 mn, subject to due diligence/customary adjustments.
The non-binding Letter of Intent provides an exclusive negotiation period of 90 days during which Quint Digital will conduct necessary due diligence and negotiate definitive, binding agreements, informed an official statement.
Preliminary diligence, which is subject to confirmation, shows that the target company is profitable, it added.
Quint Digital had rebranded in August 2023 as a pure play ‘digital company’. The proposed acquisition is in line with the pivot made by the company towards being a digital and media-tech/AI-focussed company.
The transaction is expected to be completed by March 1, 2024.
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