Squire Patton Boggs has advised NOMD Holdings on its sale of MachinesTalk, the leading IoT (Internet of things) solutions provider in the Kingdom of Saudi Arabia, to IoT Squared. The transaction is expected to close in Q4 2023, subject to regulatory approvals from the relevant authorities.
A Squire Patton Boggs team, led by Corporate Partner Matt Powell and senior associate Leila Drissi, acted as legal advisor to NOMD, a privately owned company based in Riyadh, Saudi Arabia, which invests in areas such as IoT, Big Data, Digital Education, Digital Marketing, ICT infrastructure and ICT distribution.
MachinesTalk provides regional enterprises in the GCC with an IoT platform to maximize efficiency and reinforce scalability. MachinesTalk is active across the IoT stack, focusing on smart mobility, smart cities, smart buildings and facilities, smart transportation, and industrial IoT, with more than 2000 public and private entities in Saudi Arabia among its client base. In addition, MachineTtalk's partnership network extends to more than 50 countries worldwide.
IoT Squared is a joint venture between the Saudi Public Investment Fund (PIF) and STC Group, the leading telecoms operator in the Kingdom. Since its establishment in 2022, IoT Squared has played a significant role in the adoption of IoT technologies in various sectors and has collaborated with industry leaders to advance the IoT eco-system in the Middle East to revolutionise multiple sectors and advance the local digital transformation plans.
GCC Corporate Partner Matt Powell commented, “The digital economy is a key part of the wider technology transformation in Saudi Arabia, in line with its Vision 2030 objectives. We are delighted to have supported our client on this strategic transaction alongside our colleagues at PWC in a sector of major importance to the Kingdom. This deal is a great demonstration of our Firm’s expertise in managing complex M&A processes, and one of several we have advised on in the sector in recent years. Our congratulations to the parties involved.”