Qomel gets GAC certificate to acquire 75% of Kan Medical

Qomel has appointed Dhirwah Financial Advisory as the financial advisor for the transaction

Qomel Co. received a “no-notification required” certificate from the General Authority for Competition (GAC) for the acquisition of a 75% stake in Kan Medical Co.

In a statement to Tadawul, the company said it has appointed Dhirwah Financial Advisory as the financial advisor for the transaction.

Kan Medical specializes in the manufacturing of medical devices. The acquisition aims to strengthen Qomel’s presence in the medical devices sector, expand its business base, and capitalize on the sector's growing opportunities, the statement added.

The final purchase price will be determined after completing the financial valuation and due diligence process (financial, legal, and technical).

Meanwhile, the company said that the memorandum of understanding (MoU) is non-binding and imposes no obligation on Qomel if the transaction is not completed or is withdrawn for any reason.

According to data available with Argaam, Qomel signed a non-binding memorandum of understanding (MoU) in January to acquire a 60-90% stake in Kan Medical.