Saudi Arabia’s General Authority for Competition (GAC) has approved Noon AD Holdings Limited’s application for economic concentration to acquire Namshi Holding Ltd.

In December 2022, Noon applied for GAC’s approval for economic concentration to complete the acquisition of all the shares of Namshi.

Emaar Malls Management entered into a definitive share purchase agreement with Noon to divest 100% of its stake in online fashion retailer Namshi in August.

The company had forecast the transaction to close in the next six months.

(Editing by Seban Scaria seban.scaria@lseg.com)