GAC approves 11 economic concentration applications in May

Logo of General Authority for Competition (GAC)

The General Authority for Competition (GAC) issued 11 no-objection decisions during May 2023, according to a statement.
 

The authority also pointed out that is issued a conditional approval for Tadawul Advanced Solutions Co. - Wamid to acquire 51% of Mubasher Financial Network Co.
 

GAC also issued 10 no-objection decisions regarding other concentrations, including approvals for Arab Group for Education and Training Holding Co. to acquire 51% of Al-Yasmine International Co., for UPS Group AG's acquisition of 100% of Credit Suisse Group AG, and Google LLC's acquisition of the entire issued capital of Photomath Co.
 

The acquisition applications represented 73% of the total number of approved applications. Meanwhile, JV applications dominated 27% of total applications, according to the statement.
 

The authority stated that it receives economic concentration reports related to mergers, acquisitions, and joint ventures (JVs), and then studies them to issue the proper decisions. In addition, GAC studies the market and the sector in case of competition law violations or to boost competition.