Abu Dhabi  National Insurance Co. (ADNIC) has completed the acquisition of Allianz Saudi Fransi Cooperative Insurance Co., a Saudi Arabia-listed insurer.
The acquisition has been estimated to cost SAR 499 million ($133.1 million).
ADNIC has acquired 51% of the Saudi insurer’s shares, at approximately SAR 16.31 per share, plus customary transaction expenses, ADNIC said in a regulatory filing to the Abu Dhabi Stock Exchange (ADX), where its shares are listed.
The transaction is in line with ADNIC’s strategy to expand into the Saudi Arabian market, the company said.
The acquisition was given the green light by the General Authority for Competition (GAC) in January 2024, after being announced publicly on September, 28, 2023.
Allianz SE holds 51% of Allianz SF through three subsidiaries: Allianz Europe BV, Allianz France SA and Allianz MENA Holding (Bermuda) Ltd.
According to data compiled by Argaam, Allianz Europe BV holds 18.50% stake in Allianz SF, while Allianz France SA and Allianz MENA Holding (Bermuda) Ltd. have a 16.25% interest each.
