Competition authority greenlights Walaa-MetLife ANB merger

The Saudi General Authority for Competition (GAC) approved on Monday the merger between Walaa Cooperative Insurance Co. and MetLife AIG ANB Cooperative Insurance Co., according to the authority’s statement.

In June, Walaa inked a non-binding memorandum of understanding (MoU) with MetLife AIG to evaluate a potential merger between both companies, Argaam reported.

According to the merger plan, Walaa will acquire all stakes held by MetLife AIG ANB’s shareholders through a share swap.