GAC approves Malath, LIVA merger

Logos of LIVA Insurance Co. and Malath Cooperative Insurance Co.

Malath Cooperative Insurance Co. and LIVA Insurance Co. announced that the General Authority for Competition’s (GAC) issued a “no-objection” on the completion of the economic concentration process for their potential merger.

In separate statements to Tadawul, the companies noted that the potential merger is still under review and no binding agreement has been signed.

The potential merger remains subject to the approvals of the Insurance Authority (IA), the Capital Market Authority (CMA) and the Saudi Exchange (Tadawul), as well as obtaining the required approvals of the shareholders of both companies.

For More Mergers and Acquisitions

The insurers will make further announcements as and when material developments occur in relation to the merger, the statements added.

According to data compiled by Argaam, LIVA and Malath signed, in August, a non-binding memorandum of understanding (MoU) to evaluate a potential merger.

In September, both insurers hired financial advisors for the potential merger.