Jahez Acquires 76.6% of Qatar’s Snoonu in $245 Million Deal

Jahez International, the Saudi-based food delivery and logistics platform, has signed a Share Purchase and Subscription Agreement (SPSA) to acquire a 76.56% stake in Qatar’s Snoonu for $245 million (SR 919 million), according to a disclosure on the Saudi stock exchange.

Under the agreement, Jahez will acquire 8.14 million shares - representing 75% of Snoonu’s share capital - from existing shareholders for $225 million. The deal will be financed through a combination of internal cash resources, bank facilities, and Jahez’s treasury shares. Additionally, Jahez will subscribe to 723,960 newly issued shares, securing an additional 1.56% stake for $20 million.

The transaction values Snoonu at approximately QAR 1.17 billion ($320 million), making it the first Qatari startup to cross the QAR 1 billion threshold. The deal is expected to close in the second half of 2025, subject to regulatory approvals and a shareholder vote at Jahez’s upcoming extraordinary general meeting.

Upon completion, Jahez will hold a 76.56% stake, while Snoonu founder Hamad Al-Hajri will retain the remaining 23.44%. Al-Hajri will continue to serve as CEO, supported by Snoonu’s existing executive team. A new four-member board will be formed, comprising three representatives from Jahez - including the chairman - and one from Al-Hajri.

Snoonu, founded in 2019, operates an integrated e-commerce and delivery platform offering food, grocery, and retail services, alongside third-party logistics solutions for startups and SMEs. The acquisition aligns with Jahez’s broader strategy to deepen its regional footprint and drive platform synergies across the GCC.

The $20 million capital injection is set to support Snoonu’s ongoing innovation efforts and market expansion initiatives. The agreement also includes standard terms and warranties, with lock-up periods on transferred shares governed by Saudi Arabia’s Capital Market Authority.