B Investments is selling its entire 44.7% stake in engineering subsidiary Giza Systems to Saudi Telecom’s internet subsidiary, the Egyptian private equity firm said in a statement (pdf). B Investments’ board accepted an undisclosed binding offer for the shares from Solutions by STC that would value Giza Systems at USD 145 mn, the statement read.

A turnaround for Giza Systems: A pioneer of what was once called the “IT” industry, the systems integrator has been in the market since the 1970s and lost a step in the marketplace prior to B Investments’ acquisition in 2006. The company now positions itself as a digital transformation specialist with some 1.4k professionals working across the Middle East and Africa providing “industry-specific technology solutions for asset-intensive industries” including telecoms, utilities, and oil and gas.

The usual caveats: The final value of the shares will be decided based on Giza Systems’ net debt and working capital at the close of the transaction, which is still pending final documentation and regulatory approvals, the statement read.

SOUND SMART- The Saudi telecom giant’s internet arm debuted on the Riyadh exchange last September in a transaction that valued the firm at some SAR 18.1 bn (USD 4.8 billion).

This marks the latest in a stream of recent news about incoming M&A and investment from the Gulf to Egypt, on both the public and private side of things. Yes, our GCC neighbors are stepping in to offer us a helping hand in a time of crisis — but this kind of news also underscores that many Egyptian sectors and firms offer an increasingly attractive proposition for regional investors. More of this, please.