RIYADH: Saudi Arabia’s General Authority for Competition granted approval for the Arab Education and Training Holding Group to acquire a 55 percent stake in Majd International Private Schools Co, as part of the 19 approvals issued in October.
This marks a 58.33 percent increase from the 12 approvals in September, showcasing the Kingdom’s evolving business landscape.
The surge in approvals aligns with Saudi Arabia’s push to foster a dynamic and flexible business environment, encouraging strategic growth and innovation across various sectors.
Acquisition applications dominated October’s approvals, securing 79 percent of the total, while mergers constituted the remaining 21 percent.
Among the sanctioned transactions was the acquisition of a 49 percent stake in Informa Saudi Arabia Co. Ltd. by Events Investment Fund and Etihad Exhibitions and Conferences Co.
The regulatory nod was also given for Arab Education and Training Holding Group’s acquisition of a 37 percent stake in Al-Alsun International Schools Co.
Other approvals included PDT Capital Partners’ acquisition of 44.70 percent of SoFiMa Societa Finanziaria Macchine Automatiche and the establishment of a joint venture between Saudi Arabian Mining Co. and Ivanhoe Electric Inc. in mining and quarrying.
Further diversifying the approved ventures, the competition authority authorized a joint venture between Grant Thornton KIA Holdco No.1 Ltd. and Abdul Majeed Abdullah Al Basri to explore opportunities in management consulting.
In the domain of all-share acquisitions, Olympus Corp. secured full ownership of Taiyong Medical Co. Ltd., while First Insurance Investment Co. acquired all shares of Asila Hospitality Co. Ltd. and the National Medical Care Co. of Chronic Care Specialized Medical Hospital Co.
The authority disclosed issuing 150 non-conditional approvals and three conditional approvals for various transactions in the first 10 months of 2023.
Additionally, it approved 41 mergers, acquisitions, and joint ventures in the third quarter of 2023, clearing 39 without objection and conditionally authorizing two.
The General Authority for Competition actively reviews applications for inorganic growth from companies, conducting necessary analyses and rendering decisions on buyouts or mergers.
Beyond facilitating business transactions, the authority aims to combat illegal monopolistic practices, enhance market performance, build consumer and business sector confidence, and contribute to a more robust investment landscape.
