Saudi Aramco’s $ 69.1 Billion Acquisition Of Shares In SABIC

Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance advised Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, on the sale of its 70% shareholding in Saudi Basic Industries Corporation (SABIC) for US$ 69.1 Billion to Saudi Aramco.

SABIC, with global operations in over 50 countries and consolidated production volume across its various business units of 75 million metric tons, recorded net income of USD $5.7 billion, annual sales of USD $45 billion, and total assets of USD $85 billion in 2018.

The transaction will unlock significant capital for PIF’s continued long-term investment strategy in line with the goals and ambitions of the Kingdom as part of Vision 2030.

The share purchase agreement was signed on Wednesday, 27 March 2019. The transaction is subject to regulatory approvals and other customary closing conditions.

The team was led by AS&H Partner Mansoor Alhagbani (Picture) and Omar Rashid (Clifford Chance Partner seconded to AS&H as AS&H Co-Head of Corporate) and supported by Rizwan Butt (Senior Associate) and Mashael Al-Shebaiky (Associate).

The Clifford Chance Riyadh and London teams were composed by partners Guy Norman, Yasser Al-Hussain, Gareth Camp and Nelson Jung and associates including Michael Rueter and Reema Al-Hamoud.

Involved fees earner: Reema Al-Hamoud – Abuhimed AlSheikh AlHagbani (AS&H); Mashael Al-Shebaiky – Abuhimed AlSheikh AlHagbani (AS&H); Mansoor Alhagbani – Abuhimed AlSheikh AlHagbani (AS&H); Rizwan Butt – Abuhimed AlSheikh AlHagbani (AS&H); Omar Rashid – Abuhimed AlSheikh AlHagbani (AS&H); Yasser Al-Hussain – Clifford Chance; Gareth Camp – Clifford Chance; Nelson Jung – Clifford Chance; Guy Norman – Clifford Chance; Michael Rueter – Clifford Chance;

Law Firms: Abuhimed AlSheikh AlHagbani (AS&H); Clifford Chance;

Clients: Public Investment Fund;

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Author: Michael Patrini.