GAC approves Almarai’s acquisition of entire Bakemart business

08/07/2021 Argaam

Almarai headquarters

The General Authority for Competition (GAC) issued a no objection certificate to complete the economic concentration transaction between Almarai Co. and Bakemart UAE, Bakemart FZ-LLC, Bakemart LLC and Bakemart WLL (Bahrain), the authority announced in a tweet today, July 8.

 

The economic concentration represents the acquisition by Almarai of the entire business of Bakemart bakery. 

 

In March, Almarai signed an agreement with the shareholders of Bakemart UAE and Bakemart Bahrain, to acquire 100% of their shares, for an enterprise value of AED 93.5 million (SAR 95.5 million).

 

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