GAC says Noon submits request for economic concentration to acquire 100% of Namshi

Logo of General Authority for Competition (GAC)

The General Authority for Competition (GAC) announced today, Dec. 6, that Noon AD Holdings Ltd applied for economic concentration to acquire all the shares of Namshi Holding Ltd.

In a tweet, the competition authority invited consumers and establishments to share their views on this concentration on the following link.

According to data available with Argaam, Emaar Malls Management LLC, a wholly-owned subsidiary of UAE's Emaar Properties, signed last August with Noon the final contracts needed to sell Emaar’s entire stake in Namshi to Noon for AED 1.23 billion ($335.2 million).

Emaar Malls acquired 51% of Namshi in May 2017 for $151 million (AED 554 million) from Global Fashion Group, while it acquired the remaining 49% stake in February 2019 for $129.5 million (AED 475.5 million), bringing the total purchase value to AED 1.030 billion.

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