Jahez International, a leading Saudi technology and delivery platform, has announced the signing of a share purchase and subscription agreement to acquire a 76.56% stake in Snoonu, a Qatar-based company specializing in e-commerce and on-demand logistics services, including food delivery, grocery, retail, and postal solutions.
Under the agreement, Jahez will purchase 8.1 million existing shares, representing 75% of Snoonu’s capital, for $214 million in cash. In addition, Jahez will transfer 1.54 million treasury shares (0.73% of its share capital) to Snoonu’s founder, Hamad Mubarak Al-Hajri.
Jahez will also subscribe to 724,000 new shares, representing an additional 1.56% stake, in exchange for $20 million in cash. Upon completion, Jahez will own 76.56% of Snoonu, while the remaining 23.44% will stay with the founder.
The transaction is subject to regulatory approvals and Jahez’s shareholder approval to use treasury shares for the equity swap.
A new shareholders’ agreement will be implemented post-closing, with the formation of a four-member board, including three directors from Jahez (one of whom will serve as chairman) and one from Snoonu’s founder.
The acquisition will be funded through Jahez’s internal resources, bank financing, and the transfer of treasury shares.
Snoonu has demonstrated significant financial growth over the past three years:
- 2022: Revenue of $40.1 million (approximately $41.2 million), with a net loss of $4.95 million (around $5.2 million)
- 2023: Revenue of $70.1 million (approximately $72.3 million), with a net profit of $4.4 million
- 2024: Revenue of $140.4 million (approximately $144.5 million), with a net profit of $7.42 million (around $7.7 million)
Jahez believes the deal will enable strong operational synergies and support its regional expansion in the delivery and e-commerce space.
