GAC approves 16 economic concentration applications in June

The General Authority for Competition (GAC) issued 16 no-objection decisions for economic concentration applications in June, according to a statement.

Economic concentration applications for mergers and acquisitions (M&As) and joint ventures (JVs) are received and then studied, after which the necessary decisions are issued. The authority is also concerned with studying the market and sectors in the event of violations of the Competition Law, or to boost competition in sectors.

The authority also stated that it issued its decisions after studying the relevant markets, indicating that acquisition applications represented the highest share in June at 87.5%. Meanwhile, JV and merger applications each represented 6.25% of issued applications.

Last June’s approvals included the establishment of a JV between Saudi Aramco Development Co. and Excel Investment Netherlands B.V. for the provision of logistics services.

They are included the acquisition by Saudi Electronic Games Holding Co. of all shares in Scopely Inc., the merger of Arabian Shield Cooperative Insurance Co. with Alinma Tokio Marine Co., and Taiba Investment Co.’s entire acquisition of Dur Hospitality Co.

Source: Argaam