The Saudi Arabian General Competition Authority has announced that it has approved the acquisition of Namshi Holding by Noon.
The authorities said in a tweet today on Twitter that they have no objection to completing the economic concentration process between Noon AD Holdings Limited and Namshi Holdings Limited.
The cost of Noon’s acquisition of Namshi is $335 million in cash.
Namshi is an e-commerce platform for clothes and cosmetics distributed in the Gulf countries, and Noon is an e-retail company.
Emaar Properties has agreed to sell the Namshi platform to Noon.
Notably, Emaar Malls, a subsidiary of Emaar, acquired Namshi in two tranches in 2017-2019 for $283 million.
While Namshi achieved Emaar’s revenue of AED1.54 billion in 2021, up 17%.
The Saudi State Investment Fund owns 50% of Noon, while the remaining investors, Muhammad Al-Abbar, own the rest of the company.
