Saudi Arabia’s sovereign wealth fund PIF to acquire a 30% stake in a local travel and tourism firm Almosafer, which is a unit of Saudi’s Seera Group. The deal accounts for 1.55 billion SAR which accounts for almost $412 million.
The 1.5 billion SAR investment includes up to 386m riyals in an earn-out amount to be paid to Almosafer in subscription for new shares in the travel and tourism company. The earn-out amount, however, will be conditional on Almosafer achieving certain pre-agreed KPIs in the financial years 2023 and 2024.
Saudi Arabia’s Almosafer aims to use the investment to fund its expansion plans, including investing in tourism assets and products, as well as enhancing customer and tourist experiences.
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