GAC says ‘Noon’ submits request for economic concentration after acquiring 100% of ‘Namshi’
- Date: 06-Dec-2022
- Source: Argaam
- Sector:Financial Services
- Country:UAE
GAC says ‘Noon’ submits request for economic concentration after acquiring 100% of ‘Namshi’
The General Authority for Competition (GAC) announced today, Dec. 6, that Noon AD Holdings Ltd applied for economic concentration to acquire all the shares of Namshi Holding Ltd.
In a tweet, the competition authority invited consumers and establishments to share their views on this concentration on the following link.
According to data available with Argaam, Emaar Malls Management LLC, a wholly-owned subsidiary of UAE's Emaar Properties, signed last August with Noon the final contracts needed to sell Emaar’s entire stake in Namshi to Noon for AED 1.23 billion ($335.2 million).
Emaar Malls acquired 51% of Namshi in May 2017 for $151 million (AED 554 million) from Global Fashion Group, while it acquired the remaining 49% stake in February 2019 for $129.5 million (AED 475.5 million), bringing the total purchase value to AED 1.030 billion.
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