GAC issues no-objection for UCA-Saudi Enaya merger

Logos of Saudi Enaya Cooperative Insurance Co. and United Cooperative Assurance Co.

United Cooperative Assurance Co. (UCA) announced that the General Authority for Competition (GAC) issued a no-objection certificate to complete economic concentration through UCA merger with Saudi Enaya Cooperative Insurance Co.

In a statement to Tadawul, both companies said that there are no related parties to the deal, noting that it will announce any developments in due course.

On Dec. 5, 2022, UCA and Saudi Enaya signed a non-binding memorandum of understanding (MoU) to evaluate a potential merger between the two companies, according to data available with Argaam.

Both companies will conduct technical, financial, legal, and actuarial due diligence and engage in non-binding discussions on the terms and conditions of the potential merger.

The merger, if agreed upon, will be implemented through share swap. UCA will issue new shares to Saudi Enaya shareholders in exchange for all of the latter’s issued shares.

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