GLA & Company has successfully obtained the necessary merger control clearance, from the Kuwait Competition Protection Agency (“CPA”), for UAE-based Al Ansari Financial Services (“AAFS”) in its landmark $200 million acquisition of BFC Financial Services Group, a cross-border transaction encompassing Bahrain, Kuwait, UAE and India. This clearance marks a critical milestone in the transaction, paving the way for AAFS to finalize its acquisition and expand its footprint across key GCC markets.

The transaction, which involved the acquisition of 100% of BFC Financial Services Group, strengthens AAFS’s position as the largest remittance and exchange provider in the GCC. The merger control approval was secured after extensive coordination with the CPA.

GLA & Co’s competition team, led by Asad Ahmad, Head of Antitrust & Competition along with associates Salma Farouq and Khaled Al Makhezeem, played a pivotal role in addressing complex regulatory requirements, engaging in constructive dialogues with the competition authorities, and successfully demonstrating the transaction’s benefits to market competition. The clearance process required an in-depth economic analysis of the impact of the economic concentration on relevant markets and thorough engagement with stakeholders to ensure compliance with relevant merger control regulations. GLA & Co, through the competition team’s experienced drafting of the economic dimensions report, was able to present to the CPA the positive impact this transaction would have on the relevant market while also addressing any concerns the regulator may have had.

Alex Saleh, Managing Partner at GLA & Co, commented, “Securing merger control clearance for this transaction underscores our firm’s expertise in handling merger control filings in Kuwait and navigating the regulatory landscape skilfully and effectively. This deal further reinforces GLA & Co’s position as a leading regional law firm with a deep understanding of local competition laws and regulatory frameworks.”

For more information, please contact Alex Saleh, Managing Partner or Asad Ahmad, Head of Anti-Trust & Competition.

About GLA & Company

GLA & Company is a regional MENA-based law firm with offices in Bahrain, Egypt, Kuwait, Saudi Arabia, Qatar, and the UAE. The firm provides strategic, cost-effective, and forward-thinking legal representation for companies operating in the Middle East. With a full-service practice covering corporate, M&A, competition law, and regulatory matters, GLA & Co has established itself as a trusted advisor for businesses navigating complex legal landscapes in the GCC and beyond.