Mergers and acquisitions in Saudi Arabia are governed by the Companies Law (CL) issued by the Council of Ministers in 2016. The CL sets out the general framework for mergers and acquisitions in Saudi Arabia and provides the necessary guidance for parties involved in such transactions. Under the CL, a merger is defined as an arrangement between two or more existing companies whereby one company (the ‘surviving company’) absorbs the assets, liabilities, and shares of the other companies (the ‘transferor companies’) in exchange for shares of the same kind and class in the surviving company.