November 19th, 2023 Deals & Cases

GLA & Co Secures Regional Merger Control Clearance on £ 1.23 Billion Deal

GLA & Company, a regional law firm in the Middle East, was able to flex its regional expertise by securing merger control clearance from both the KSA General Authority for Competition (“GAC”) and the Kuwait Competition Protection Agency (“CPA”) in record time on a major global transaction.

Specifically, GLA was instructed by international counsel on behalf of Apollo Management X, L.P. in the acquisition of Applus Services, S.A. by Manzana Spain Bidco, S.L.U., a global transaction. The clearance from the Kuwait Competition Protection Agency was secured in a span of less than two months, and follows GLA & Co’s securing of a clearance from the General Authority for Competition (GAC) in Saudi Arabia for the transaction.

Nader Al Awadhi, Senior Partner, stated that “GLA enjoys substantial experience and success with the Competition Protection Agency in Kuwait, as well as the General Authority for Competition in Saudi Arabia, and expects further development of the regulations. Regionally, our firm is heavily involved with and assists clients worldwide with their merger control filings in the GCC.” 

Fawaz Al-Dubaikhi, Partner, added, “we are proud to have secured over two dozen clearances from the competition authorities across the GCC in our first two years of operation, and look forward to continuing our services in the years to come.”

Apollo submitted a 1.23 billion-euro takeover bid for Spanish industrial testing group Applus Services (APPS.MC). Apollo-backed Manzana Spain Bidco has offered to pay 9.5 euros in cash for each share.  The parent company, Apollo Global Management, is an American private equity firm.  It provides investment management and invests in credit, private equity and real assets.  As of 2022, the Company has $548 billion of assets under management, including $392 billion invested in credit, including mezzanine capital, hedge funds, non-performing loans and collateralized loan obligations, $99 billion in private equity and $46.2 billion invested in real assets, which includes real estate and infrastructure.

GLA & Co’s KSA and Kuwait offices were both involved in the dual filings led by a senior group composed of Ahmad Saleh, Hegui Taha and Asad Ahmad supported by Associates Shahad Alhumaidani, Fahad Albaijan, Khaled Al Makhazeem, Khaled Al Khashab and Jehan Saleh.

GLA & Co is a full-service, regional law firm in the GCC providing strategic, cost-effective, and forward-thinking legal representation for companies seeking to do business in the Middle East.  With extensive experience advising clients in the Gulf Corporation Council states and greater MENA region, the firm offers unique insights for companies seeking quality legal services.  The firm has been actively engaged on the topic of merger control, from holding various webinars to publishing many articles, including contributing to the Chambers and Partners Global Practice Guide on Merger Control for Kuwait, Qatar, Saudi Arabia, and the UAE.