U.K.'s Bupa increased its stake in Bupa Arabia For Cooperative Insurance Co. by 5% to 39.25% after it acquired a portion of Nazer Group Holding Co. Ltd.'s stake in the Saudi Arabia-based company.

The transaction has been approved by Saudi Arabian authorities. The agreed-upon price is 100 Saudi Arabian riyals per share, for a purchase price of 400 million riyals or about £77 million.

Bupa Arabia was established as a joint venture between Bupa and Nazer Group.

As of Aug. 7, US$1 was equivalent to 3.75 Saudi Arabian riyals.