TAQAT announces GAC approval for acquisition of Bayan Transport

TAQAT says the potential takeover of Bayan Transport aligns with its long-term strategy to boost its market presence

TAQAT Mineral Trading Co. announced the General Authority for Competition’s (GAC) approval on its planned acquisition of Bayan Transport Trading Co.

In a statement to Tadawul today, Oct. 6, the company said a binding preliminary agreement was signed to meet GAC’s requirements. The remaining procedures will be completed with the relevant authorities.

TAQAT noted that the potential acquisition is part of its expansion strategy to strengthen its presence in the transport and logistics sector, in line with its long-term strategic objectives.

According to data available with Argaam, TAQAT signed a non-binding memorandum of understanding (MoU) in May 2024 to acquire Bayan Transport. The MoU has been extended several times.