MBC’s Al Arabia to acquire Faden Media for $279m

RIYADH: Arabian Contracting Services Co. has entered into an agreement to acquire all shares of Faden Media for SR1 billion ($279 million).

The completion of the acquisition still requires the approval of relevant government authorities, as well as approval from the General Authority for Competition, according to a bourse filing.

The company, which is partly owned by the Middle East Broadcasting Company, is following a growth strategy which seeks to establish profitable alliances and partnerships locally and regionally