Buruj appoints Alinma Investment as financial advisor for MEDGULF merger

Logos of Buruj Cooperative Insurance Co. and Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)

Buruj Cooperative Insurance Co. announced appointing Alinma Investment as a financial advisor for its merger with The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF), according to a Tadawul statement.

For more news and details on M&As

In July, MEDGULF and Buruj signed a non-binding memorandum of understanding (MoU) to evaluate the feasibility of a potential merger.

The MoU is effective from the signing date until the completion of the potential deal, the termination of negotiations by either party, or one year from the signing date, whichever is earlier.

The MoU’s obligations, including confidentiality, will continue for three years, according to data available with Argaam.