Riyadh – Mubasher: The Saudi General Authority for Competition (GAC) has approved the economic concentration between the Saudi Arabian Military Industries (SAMI) and Advanced Electronics Company (AEC).
In December 2020, SAMI, a wholly-owned subsidiary of the Public Investment Fund (PIF), acquired Advanced Electronics as part of the largest military industries deal ever concluded in Saudi Arabia.
The purchase is expected to complete in the first quarter (Q1) of 2021 following regulatory approvals. AEC will become a 100% Saudi-owned company.
