GAC issues no-objection on Gulf General, Gulf Union merger

Logos of Gulf General Cooperative Insurance Co. and Gulf Union Alahlia Cooperative Insurance Co.

Saudi Arabia’s General Authority for Competition (GAC) issued a no-objection on the economic concentration process related to the merger between Gulf General Cooperative Insurance Co. and Gulf Union Alahlia Cooperative Insurance Co., the insurers said in separate statements to Tadawul.

The merger between the two companies is still under study and no agreement has been reached yet.

For More Mergers and Acquisitions

The deal will be subject to a number of terms and conditions, including obtaining the approval of the Insurance Authority, the Capital Market Authority (CMA), the Saudi Exchange (Tadawul) in addition to the shareholders’ approval from both companies.

Any related updates will be duly revealed, the statements noted.

Gulf General signed on Aug. 7 a non-binding memorandum of understanding (MoU) with Gulf Union to evaluate a potential merger, data compiled with Argaam showed.