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Through its Egyptian entity, Gulf Insurance Group (GIG) has acquired 95.02% of the capital of AIG Egypt, a subsidiary of American International Group (AIG). The transaction is valued at 196.97 million EGP (6.4 million USD).
The deal has been approved by the Financial Regulatory Authority (FRA).
Once the acquisition is finalized, the Kuwaiti group will proceed with the merger of the two entities GIG Egypt and AIG Egypt.