Red Sea International gets GAC approval to acquire 51% of First Fix

Logo of Red Sea International Co. (RSI)

The General Authority of Competition (GAC) issued today, Sept. 4, a no-objection on the economic concentration between the Red Sea International Co. (RSI) and Fundamental Installation for Electric Work Co. (First Fix), allowing the former to acquire 51% of the latter.  
 

In June, RSI announced that it acquired a 51% stake in First Fix for a cash consideration of SAR 544.2 million, Argaam earlier reported.
 

RSI said it will pay a total of SAR 250 million to the sellers in cash in the proportions. Further, a deferred consideration of SAR 294.2 million will be settled within four months from the signing date, subject to satisfaction of certain conditions.

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