{"id":20803,"date":"2023-01-25T05:35:12","date_gmt":"2023-01-25T05:35:12","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=20803"},"modified":"2023-01-25T09:41:32","modified_gmt":"2023-01-25T09:41:32","slug":"saudi-competition-authority-accepts-noon-acquisition-of-namshi","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2023\/01\/25\/saudi-competition-authority-accepts-noon-acquisition-of-namshi\/","title":{"rendered":"Saudi competition authority approves Noon acquisition of Namshi"},"content":{"rendered":"
\nThe Saudi General Authority for Competition has said that it has accepted the application submitted by Noon AD Holdings Ltd. for economic concentration to fully acquire Namshi Holding Ltd.<\/p>\n
In August last year<\/a>, Emaar Malls Management had entered into a definitive share purchase agreement with Noon to divest 100 per cent of its stake in online fashion retailer Namshi.<\/p>\n \u201cThe cash consideration is the equity value of Namshi, which is equivalent to $350 million of \u2018enterprise value\u2019 of the company,\u201d Emaar Properties had mentioned<\/a> at the time.<\/p>\n Following this,\u00a0Noon applied for GAC\u2019s approval to complete the acquisition of all the shares of Namshi in December 2022.<\/p>\n Namshi.com is an online shopping site based in the UAE and offers various clothing, accessories, and footwear. Founded in 2011, the company was acquired by Mohammed Alabbar-owned Emaar Malls<\/a> in 2019. The company first bought a 51 per cent stake in Namshi for $151m in 2017 from Rocket Internet\u2019s Global Fashion Group. It later acquired the remaining stake in the online fashion retailer for $129.5m.<\/p>\n According to data from ecommerceDB, Namshi is the second largest e-commerce player in the UAE with a global revenue of US$419.6 million. Noon closely follows it with US$251.7 million. However, Amazon remains the top e-commerce store in the country with US$520.1 million in global revenues.<\/p>\n