GAC approves stc-Zain KSA-Mobily JV among 13 M&As in February

Logo of General Authority for Competition (GAC)

The General Authority for Competition (GAC) approved 13 mergers and acquisitions (M&As) applications in February.

In a statement, the authority stated that it is studying the economic concentration applications including M&As and joint ventures (JVs) and will issue the relevant decisions.

The acquisitions accounted for 85% of the total applications, while the JVs and mergers represented 7.5% each during the same month.

GAC studies the market and sectors in case of violations of the Competition Law to enhance fair competition, the authority said, adding its decisions are issued after reviewing the relevant markets.

The authority gave the go-ahead for a JV between stc, Etihad Etisalat Co. (Mobily) and Mobile Telecommunication Company Saudi Arabia (Zain KSA) to provide major data analytics services. It also approved the merger of United Cooperative Assurance (UCA) with Saudi Enaya Cooperative Insurance Co. (Saudi Enaya).

Saad Al Masoud, Spokesperson for GAC, said the authority issued 33 no-objection decisions since the beginning of 2023.

On Dec. 5, 2022, UCA and Saudi Enaya signed a non-binding memorandum of understanding (MoU) to evaluate a potential merger between the two companies, according to data available with Argaam.

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