The General Authority for Competition in Saudi Arabia announced its approval of the acquisition of “Namshi Holding” by “Noon” company.
The authority stated, in a tweet to it on Twitter, today, that it does not object to the completion of the economic concentration process between “Noon AD Holdings Limited” and “Namshi Holdings Limited.”
The value of Noon’s acquisition of Namshi is $335 million in cash.
The company “Namshi” is an electronic platform for selling fashion and cosmetics, and is spread in the Arab Gulf countries, and the “Noon” platform is an electronic retail sales company.
Emaar Properties had agreed to sell the “Namshi” platform to “Noon”,
It is noteworthy that Emaar Malls, a subsidiary of Emaar, acquired Namshi in two installments in 2017-2019 for $283 million.
While the “Namshi” company achieved revenues of 1.54 billion dirhams for Emaar in 2021, an increase of 17%.
The Saudi Public Investment Fund owns 50% of the “Noon” company, and other investors represented by Muhammad Al-Abbar own the rest of the company.