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 Mansoor Alhagbani (AS&H Partner, Head of Capital Markets, Riyadh) 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).
A team of M&A, anti-trust and banking and finance specialists from our Riyadh and London teams are also advising on the different aspects of the transaction, including a core team of partners comprising Guy Norman, Yasser Al-Hussain, Gareth Camp and Nelson Jung and associates including Michael Rueter and Reema Al-Hamoud.
Mansoor Alhagbani commented: “We are proud to have advised PIF on this truly landmark transaction for the Kingdom and the region. This work reflects our strong corporate and capital markets practices in Saudi Arabia. It is also a testament to the strength of our team in Riyadh that we were able to respond to a challenging timeline and at the same time, deal with numerous complex issues that arose during this transaction. We would like to thank PIF for putting their trust and confidence in our team on such an important mandate”.
Omar Rashid remarked: "We are proud to have successfully supported PIF on this strategic and transformational transaction for the Kingdom and the Middle East region and look forward to continuing to support them to achieve a successful closing for this historic deal”.
AS&H in co-operation with Clifford Chance regularly advises Saudi and international clients on key corporate and ECM transactions and mandates and recently advised SABB on its USD 5 billion statutory merger with Al-Awwal Bank, Sahara on its proposed business merger with Sipchem, Tenaris on its acquisition of a majority stake in Saudi Steel Pipe Company, NADEC on its acquisition of Al-Safi Danone as well as Savola Group on Saudi Arabia's first accelerated book-built block trade.
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For further information about AS&H in co-operation with Clifford Chance see www.ashlawksa.com .
For more information about Clifford Chance see www.cliffordchance.com .
For further information about this release contact:
Mohammed Bahelmi on +966 11 481 9725 or mohammed.bahelmi@ashlawksa.com
or
Roshan Khan on +971 4 503 2661 or roshan.khan@cliffordchance.com
- Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance is Saudi Arabia's leading law firm. It commenced operations in November 2016 and delivers world class legal services in the Kingdom of Saudi Arabia. AS&H in co-operation with Clifford Chance has had a long term presence in the market: between 2014 – 2016 as Clifford Chance Law Firm in Saudi Arabia; and between 1998 – 2014 as Al-Jadaan & Partners Law Firm in co-operation with Clifford Chance.
- AS&H in co-operation with Clifford Chance has eight partners (of whom three are seconded from Clifford Chance), more than any other law firm in the Kingdom, offering Saudi and international clients the greatest depth of top Saudi and internationally qualified foreign lawyers as well as continuity and stability. The team's cutting edge work and commitment to clients has been consistently recognised by all the major legal directories and commentaries and the team has won more awards than any other Saudi law firm.
- Clifford Chance is one of the world's pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegiate and team based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations. We provide them with the highest quality advice and legal insight, which combines the firm's global standards with in-depth local expertise.
- Clifford Chance was ranked 'Band 1' in more cross-border tables than any other firm in the Chambers Global 2018 Directory. This independent analysis focuses on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the firm's breadth of expertise and consistency of quality across global markets.
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