ABU DHABI, UAE: On the 14th of February 2023, Emirates Telecommunications Group Company (e&), has completed the acquisition of Service Souk DMCC “ServiceMarket”, buying 100% of shareholding of the online marketplace.
This acquisition is in line with the Group’s strategy to empower consumers, strengthen Smiles online marketplace presence and drive diversification of our business.
ServiceMarket is a leading online marketplace for household services. It currently offers more than 40 services under several segments across the UAE. It enjoys a strong market position that will complement etisalat by e&’s existing marketplace services under the brand ‘Smiles’ which already includes online food and grocery delivery.
The acquisition value of ServiceMarket will not exceed AED 81 million, including payment linked to business performance portion due over a period of time.
The financial impact is immaterial to the Group’s consolidated financials. The transaction is not associated to related parties and is paid by cash. ServiceMarket will be consolidated into e&’s financials effective from February 2023.