Saudi Arabian Oil Company signed a share purchase agreement to acquire 70% stake in Saudi Basic Industries Corporation from Public Investment Fund for approximately SAR 260 billion.
The transaction is subject to certain closing conditions, including regulatory approvals. As of July 30, 2019, COMESA Competition Commission approved the transaction. As of September 27, 2019, Competition Commission of India approved the transaction. As of January 27, 2020, it is announced that EU antitrust regulators will decide by February 27, 2020 whether to clear the acquisition. As on February 27, 2020, European Commission has approved.
J.P. Morgan acted as financial advisor to Saudi Arabian Oil Company. The deal will have no impact on Saudi Arabian Oil Company's rating. Citi acted as financial advisor to SABIC. HSBC acted as financial advisor to Public Investment Fund. Bank of America Merrill Lynch acted as financial advisor to Public Investment Fund. Mansoor Alhagbani, Omar Rashid, Rizwan Butt, and Mashael Al-Shebaiky of AS&H, and Edmund Boyo, Jim Back, Marc Besen, Guy Norman, Nelson Jung, Michael Rueter, Deepaloke Chatterjee, Anne Filzmoser, Dimitri Slobodenjuk, Caroline Scholke, Johannes Lüer, Arne Gayk, Stavroula Vryna, Carmen Puscas, Aidan Forde, Yasser Al-Hussain, Gareth Camp, Nelson Jung, and Reema Al-Hamoud of Clifford Chance Riyadh and London acted as legal advisors for Public Investment Fund. Gregory Pryor, Frank Lupinacci and Sami Al-Louzi, Megren Al-Shaalan, Khalid Al-Gublan, Joza Al-Rasheed, Reem Albakr, Waad Alkurini and Husam Azhar, Doug Peel and Ivan Paskal of Law Firm of AlSalloum and AlToaimi in association with White & Case LLP, Wendell Maddrey, Clark Wohlferd, Andrew Kreisberg, Ian Cuillerier, Gary Kashar, Edward So, Seth Kerschner, Jean Shimotake, Rebecca Farrington, Eric Grannon, Farhad Jalinous, Hansel Pham, Richard Burke, Scott Lincicome, Stacia Sowerby, Kristina Zissis, F. Paul Pittman, Henrik Patel, Fern Han, Steven M. Lutt, David Hille, Kim Havlin and Robert Milne of White & Case LLP, Stuart Matty, Catherine Andrews, Nicholas Greenacre and Tom Bartlett of White & Case LLP, Jacquelyn MacLennan, Axel Schulz and Strati Sakellariou-Witt of White & Case LLP Avocats-Advocaten, Sara Nordin of White & Case LLP and White & Case, L.L.P. (Germany) acted as legal advisors for Saudi Arabian Oil Company. Morgan Stanley Saudi Arabia acted as financial advisor to Saudi Arabian Oil Company.