Saudi Industrial Export Co. (SIEC) has decided to terminate the acquisition process for Advanced Energy for Trading and Contracting Company.

The decision was reached after the results of due diligence and feasibility studies regarding the planned acquisition failed to meet the company’s expectations, SIEC said on Wednesday.

In November 2024, a preliminary agreement was signed for SIEC to potentially acquire a stake or the entirety of the share capital of Advanced Energy. The deal timeline was extended several times.

"After reviewing the results of the feasibility studies and the due diligence process, it has been determined that the outcomes did not meet the company’s expectations or strategic objectives," SIEC said.

"The board…has resolved not to proceed with the investment and to terminate the relevant agreements."

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com