Al Arabia gets GAC nod to buy Faden Media for SAR 1.05 bln

Logo of Arabian Contracting Services Co. (Al Arabia)

Arabian Contracting Services Co. (Al Arabia) obtained on Aug. 20 a conditional approval from the General Authority for Competition (GAC) to acquire 100% of Faden Media.

The deal is subject to other customary conditions, which are in the process of being fulfilled, in accordance with the terms of the agreement, Al Arabia said in a statement to Tadawul.

Finalizing the agreement requires official approvals from GAC and other competent regulatory authorities.

The company will announce the deal completion or any other material updates in due course, according to the relevant regulatory requirements.  

In October 2022, Al Arabia’s board approved an agreement to fully acquire Faden Media for SAR 1.05 billion, Argaam earlier reported.

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