Dallah, AYYAN Receive GAC Economic Concentration Nod

Dallah Healthcare Co. and AYYAN Investment Co. announced the issuance of a no-objection from the General Authority for Competition (GAC), on Sept. 19, to complete the economic concentration process resulting from the acquisition deal between them, the companies said in separate statements to Tadawul.

 

For more news and details on M&As

 

The deal is still subject to several other terms, including obtaining approvals from the Capital Market Authority (CMA), the Saudi Exchange (Tadawul), company shareholders, and other conditions outlined in the transaction announcement.

 

Any related material updates will be duly revealed, the companies said.

 

Dallah Healthcare signed, on Aug. 19, a binding acquisition and subscription agreement with AYYAN to purchase the latter’s stakes in Al-Ahsa Medical Services Co. and Al-Salam Medical Services Co., according to data available with Argaam.

 

The agreement included acquiring 97.4% of Al-Ahsa (which owns Al-Ahsa Hospital in Al-Ahsa) and 100% of Al-Salam (which owns Al-Salam Hospital in Al-Khobar).

 

In exchange, AYYAN will receive non-cash compensation through the issuance of 3.89 million new shares by Dallah, representing 3.83% of Dallah’s post-capital capital.