Riyadh-based food delivery giant Jahez International Company for Information System Technology has successfully completed the second and final phase of its transaction to acquire a majority stake in Qatar’s Snoonu Corporation Holding. This move solidifies Jahez’s regional expansion strategy and significantly strengthens its foothold in the competitive Qatari market.
Finalizing The Transaction
In a statement to the Saudi stock exchange Tadawul, Jahez announced the finalization of the deal’s second phase. This involved a subscription to 702,300 new shares, which represents 1.56% of Snoonu’s capital. The company confirmed that this part of the transaction was self-financed entirely in cash. Following the completion of ownership transfer and all regulatory documentation on October 23, Jahez now holds a commanding 76.56% of Snoonu’s capital, with Snoonu’s founder, Hamad Al Hajri, retaining the remaining 23.44% stake.
A Strategic Regional Play
This final step concludes a deal first announced in July, valued at approximately $245 million (SAR 919 million). The acquisition was structured in two phases, with the first phase seeing Jahez purchase a 75% stake from existing shareholders for $225 million, settled through a mix of cash and Jahez shares. The second phase, a $20 million cash injection for the new 1.56% stake, is designed to fuel Snoonu’s growth. The full financial impact of this strategic acquisition will be reflected in Jahez’s financial statements for the year 2025.
About Jahez
Jahez is a leading Saudi lifestyle technology platform that utilizes disruptive technology to connect over 2 million active users with its network of platform merchants and delivery agents. Its services encompass online food delivery, quick commerce, and logistics, serving as a comprehensive ecosystem for both consumers and businesses across Saudi Arabia and Bahrain.
About Snoonu
Snoonu is a Qatari technology and logistics company founded in 2019 by Hamad Al Hajri. The company operates an integrated e-commerce and on-demand delivery platform that allows consumers to order food, groceries, and various retail products. Snoonu also provides crucial third-party logistics solutions tailored to the needs of startups and SMEs in Qatar.
Source: Argaam
