K&A successfully completes work on largest M&A deal in KSA history

After months of complex advice and assistance, K&A successfully assisted SABIC in completing what is the largest acquisition in Saudi Arabian history.

Saudi Aramco announced the successful completion of its share acquisition of a 70% stake in Saudi Basic Industries Corporation (SABIC) for a total purchase price of SAR 259.125 billion (US$ 69.1 billion).

 

K&A’s work on the transaction solidifies our M&A and Capital Markets capabilities, and our continued advice in connection with M&A transactions in the petrochemicals industry. Just last year, K&A closed the Saudi International Petrochemical Company, (SIPCHEM), in relation to its share swap public acquisition with Sahara Petrochemicals Company, (Sahara), another landmark transaction in Saudi Arabia.

 

This transaction comes on the heels of K&A being named M&A Law Firm of the year by IFN and dominating the Legal 500 rankings.

 


Khoshaim & Associates Advises on Complex Acquisition Involving a Share Swap Structure for Treasury Shares in a Listed Company

K&A advised Kingdom Investment and Development Company (KIDC), a wholly owned subsidiary of Kingdom Holding Company (KHC), in relation to a sale and purchase of shares equal to 54.56% of Care Shield Holding Company (CSHC) (by way of a share swap and cash consideration).

KIDC signed a Share Swap Agreement with Dallah Healthcare Company (DHC), a listed company, pursuant to which DHC has agreed to acquire a majority interest in CSHC from KIDC in consideration for (i) DHC treasury shares, and (ii) a cash consideration amount.

The structuring of this novel and complex transaction is a testament to K&A’s position of advising on leading M&A transactions in Saudi Arabia and comes on the heels of K&A being named M&A Law Firm of the year by IFN and dominating the Legal 500 rankings. It also represents another important milestone in K&A’s significant record in the healthcare sector.


K&A Managing Partner interviewed by Oxford Business Group

K&A Managing Partner, Zeyad S. Khoshaim, sat down with Oxford Business Group in a video interview to discuss Saudi Arabia’s legal framework. Amongst the topics discussed were Saudi Arabia’s reforms to: (i) further attract foreign direct investment; (ii) ensure a transparent and robust capital markets; (iii) and enhance rules that govern dispute resolution and arbitration. The interview also provides a primer on sources of Saudi Arabia law and how Sharia is applied in Saudi Arabia.

 

Thank you to the Oxford Business Group for their thoughtful questions and reporting on Saudi Arabia, and it was a pleasure to host you at our offices.

 

Watch the full video here: http://ow.ly/JzZg30qDh8w


K&A Dominates Legal 500 with Tier 1 rankings

For the second year in a row, K&A became the only Saudi Arabian law firm to have been ranked Tier 1 in the four core practice areas for the Legal 500 2020 rankings. K&A was specifically ranked Tier 1 in Capital Markets, Banking and Finance, Commercial, Corporate and M&A, and Dispute Resolution.

 

K&A also has the honor of having the most number of mentioned lawyers in the Legal 500 2020 rankings, with Managing Partner, Zeyad Khoshaim, becoming the only lawyer in Saudi Arabia to have been ranked as a “Leading Individual” in four practice areas namely Capital Markets, Commercial, Corporate and M&A, Dispute Resolution, and Real Estate and Construction.

 

Projects & Finance Partner Karim Wali, has been ranked in Banking and Finance, Partner Leen Zaza was named a Rising Star for Commercial, Corporate and M&A, and Partner Nasser Alrubayyi was named a Next Generation Partner in Dispute Resolution. Counsel Hamdan van den Brule was also mentioned to have brought strength to the team.

 

Congratulations to the K&A Team and hope we get to celebrate together soon.


K&A Establishes COVID-19 Pandemic Legal Response Team

Our thoughts and prayers are with all those impacted by the current severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) pandemic (“COVID-19 Pandemic”).

 

This is to let you know that K&A has setup its systems and personnel to continue to serve its clients during these times. K&A’s systems allow our team access to each other and our clients in an efficient, secure, and safe manner. We do not anticipate a disruption in our service delivery.

 

In these times, we have focused on what we can speak on, and have therefore setup a COVID-19 Pandemic Legal Response Team that can provide insight on the potential impact of the COVID-19 Pandemic on various issues under Saudi Arabian law.

 

We will publish our views on such matters as events unfold. Our team is monitoring the situation and keeping a critical eye on any legal and regulatory developments that may have an impact on any of our clients and their businesses.

 

For more information on such matters, please send emails to our COVID-19 Pandemic Legal Response Team at Covid19@khoshaim.com.

 

We wish you, your families, and loved ones continued good health and safety.

 

Until we meet again, take care.

 

K&A Team


K&A Expands its Partnership

K&A announces the promotion of two of its highly respected lawyers, Leen Zaza and Nasser Alrubayyi, to join the K&A partnership.

Ms. Zaza is a New York qualified lawyer, who is an expert on M&A and corporate transactions, shareholder relationships, private equity, and foreign direct investment. She led on high profile M&A transactions in Saudi Arabia, including acting for SABIC on Saudi Aramco’s acquisition of its shares and the shareholder arrangements to setup the King Salman Global Maritime Industries Complex, and has been building K&A’s corporate practice for the past eight years. Ms. Zaza is ranked as a Highly Regarded Individual by IFLR1000 for M&A and as a Next Generation Lawyer by Legal 500 for Commercial, Corporate and M&A.

Mr. Alrubayyi is a Saudi Arabian litigator, and a Sharia and arbitration expert. His work spans acting for listed companies looking to defend themselves from shareholder lawsuits, to acting on construction arbitration disputes, to enforcing foreign judgments and awards in Saudi Arabia. He recently argued in front of the Saudi Arabian Administrative Supreme Court, where he successfully defended one of our clients. He previously spent some time at JAMS in the United States and the International Court of Arbitration (ICC) in France before joining K&A, where he helped build K&A’s dispute resolution practice over the past seven years. Legal 500 2018 named Mr. Alrubayyi as the only Next Generation Lawyer named for Dispute Resolution in Saudi Arabia.

These promotions occur on the heels of K&A having achieved the prestigious status of becoming the only Saudi Arabian law firm to be ranked as band 1 in leading law firm ranking journal “Chambers Global” in all practices: Corporate/M&A, Financing, Dispute Resolution, and Capital Markets.

K&A Managing Partner, Zeyad Khoshaim, commented “The depth of Leen’s and Nasser’s expertise and knowledge of Saudi Arabian law is unparalleled. Their joining of K&A’s partnership is a testament to the strategy that K&A has followed to build practices around our best lawyers. Karim and I are proud to be calling them our partners. Congratulations to Leen, Nasser, and of course, to K&A!”


K&A Announces opening of new Jeddah Office

Tuesday, 10th of December 2019

K&A, is pleased to announce the opening of a new office in Jeddah, Saudi Arabia. This will be K&A’s first office opening outside of its Riyadh main office.

 

K&A’s Jeddah office comes on the back of K&A serving a first-tier list of corporate clients in Saudi Arabia’s western region, along with a number of multinational investors looking to invest in that region. As these clients have increasingly turned to K&A for legal services, these relationships have deepened, creating a need for K&A to establish an on-the-ground presence to continue to expand those relationships. K&A also views key Vision 2030 projects in and around Saudi Arabia’s western region to be very important and in need of premium legal services.

 

K&A’s Jeddah-based team will be fully integrated with its 30+ lawyer legal team in Riyadh, and will cover the five practice areas the firm is known for: Corporate/M&A, Capital Markets, Finance and Projects, Dispute Resolution, and Regulatory. K&A’s “practice based” organizational structure should allow for quick integration of the two offices. This office-agnostic approach to management of our team allows K&A to deliver the best lawyers to its clients regardless of office location.

 

Managing Partner, Zeyad Khoshaim, commented: “The opening of the Jeddah office is a critical milestone to K&A’s maturity and reflects the deep relationships that we have built with our clients. We look forward to our contribution to that community and helping grow our practice further, with some of the best legal talent in Saudi Arabia that may have not been able to relocate to Riyadh.”

 

The opening of the Jeddah office follows K&A’s work on some of Saudi Arabia’s landmark transactions and litigation wins, including the Saudi Aramco / SABIC acquisition, the Sipchem / Sahara business merger, the enforcement of multimillion arbitration awards, and advising lenders and sponsors on various financings and projects including in respect of the Arabian Centres Company refinancing, and the Dumat Al Jandal wind project.

 

K&A has also achieved the prestigious status of becoming the only Saudi Arabian law firm to be ranked as band 1 in leading law firm ranking journal “Chambers Global” in all practices: Corporate/M&A, Financing, Dispute Resolution, and Capital Markets.

 

For press details contact

BD@Khoshaim.com


Amro Bakhaidar joins K&A as Counsel

Thursday, 28th of November 2019

Amro Bakhaidar joins K&A as Counsel

K&A is pleased to announce the addition of Amro Bakhaidar, as Counsel, to its Tier One Capital Market Practice.

Amro is a senior lawyer who has significant experience in a wide range of capital market transactions including IPOs, rights issue, private transactions, investment funds, and public M&A.  He advised local, international and government entities on transactions in the energy, shipping, banking, insurance, petrochemical, and pharmaceutical industries.

Amro joins K&A on the back of a very successful year. K&A is now ranked as tier 1 and band 1 by all major ranking journals: Chambers Global, IFLR 1000, and Legal 500, and recently won the IFLR 1000 Award for the public merger of SABB and AlAlwwal.

Managing Partner, Zeyad Khoshaim, commented: “We are glad to have someone of Amro’s caliber join us. His goals fully align with our strategy of building our on-the-ground technical expertise and execution capability. With the CMA focusing on enhancing the capital markets regulatory framework, including the promotion of cross listings, accelerated bookbuilds, and other structures, our capital markets practice continues to be a prime focus of our growth.”


K&A dominates IFLR 1000 Rankings

Sunday, 10th of November 2019

K&A has been ranked Tier 1 in ALL practice areas for the IFLR 1000 2020 rankings. IFLR1000 is the guide to the world’s leading financial law firms and lawyers. We were specifically ranked Tier 1 in Banking, Capital Markets: Debt and Equity, M&A, Project Development and Project Finance.

Congratulations to the K&A team for this honor from IFLR 1000 2020, one of the world’s leading research guides. This cements K&A’s standing in Saudi Arabia, having achieved Tier 1 rankings in all practice areas in Chambers Global and IFLR 1000 as well last year.

K&A Managing Partner, Zeyad Khoshaim, was also individually ranked in Corporate/M&A, Capital Markets, along with Projects & Finance Partner Karim Wali, who is ranked in Banking & Finance, Leen Zaza who ranked in M&A.

Some of our client’s feedback included the following:

  • “K&A is excellent at communicating effectively, being responsive to requests and meeting deadlines.”
  • “Very professional. Knowledgeable about local context. Good client management.”
  • “Our main contact person on the transaction, Ms Leen Zaza was truly impressive, especially in negotiating the SPA. This is clearly her strength.”
  • “Excellent overall. Very good drafting. Excellent negotiation techniques.”

K&A wins M&A Law Firm of the Year by IFN Law Awards

Congratulations to the K&A mergers and acquisitions team for winning M&A Law Firm of the Year by IFN Law Awards 2019!

 

IFN Law awarded K&A the prestigious IFN Law Award for best law firm of the year in the M&A category. Competition for this award ranged from national firms to global firms. IFN examines the firms from a qualitative perspective and assesses whether they are breaking new ground and working on sophisticated transactions.

 

K&A Managing Partner, Zeyad Khoshaim, commented “We are very pleased with receiving this award from IFN. It goes to demonstrate that our strategy of merging local transactional and knowledge capabilities with international-level execution capabilities yields the results that our clients expect: on-the-ground first class M&A expertise.”

 

This award comes on the back of K&A advising on landmark M&A transactions, including advising SABIC on its acquisition by Saudi Aramco, the share swap transaction between SIPCHEM and Sahara, and the merger between SABB and AlAwwal.

 

This award also follows K&A having achieved the prestigious status of becoming the only Saudi Arabian law firm to be ranked as band 1 in leading law firms ranking journal “Chambers Global” in all practices: Corporate/M&A, Financing, Dispute Resolution, and Capital Markets.

https://www.islamicfinancenews.com/daily-cover-story-ifn-law-awards-2019-honor-eight-outstanding-law-firms-for-groundbreaking-work-in-islamic-finance.html

http://www.khoshaim.com/chambers-partners-ranking-2018/


Hamdan van den Brule joins K&A as Counsel

Monday, 26 August 2019

K&A is pleased to announce the addition of Hamdan van den Brule, as Counsel, to its tier 1 Finance & Projects practice.

With more than 17 years of experience in the field, Hamdan has extensive knowledge of Saudi Arabian law and specializes in project development, construction contracts (FIDIC or others), Islamic financing and related areas. Hamdan has extensive experience advising on, and negotiating, the sponsor-side development of projects, including in the power and petrochemical sectors, including shareholders agreements, offtake agreements, and EPC arrangements.

Hamdan previously worked as Senior Legal Counsel with Saudi Basic Industries Corporation (SABIC); as Senior Legal Counsel with Abu Dhabi National Energy Company (TAQA); and as Associate with Allen & Overy.

Commenting on Hamdan’s arrival, K&A Managing Partner, Zeyad Khoshaim, said: “We are delighted to have Hamdan join us. With his sponsor-side project development experience, we are confident that our Finance & Projects practice will continue to flourish.”

Hamdan joins at a time when K&A has achieved the prestigious status of becoming the only Saudi Arabian law firm to be ranked as band 1 in leading law firms ranking journal “Chambers Global” in all practices: Corporate/M&A, Financing, Dispute Resolution, and Capital Markets.


K&A Acts on the Three Billion Euro Bond Issuance from Saudi Arabia

K&A, along with its association firm A&O, advised the Ministry of Finance of the Kingdom of Saudi Arabia on its € 3 billion (equivalent to around SAR 12.6 billion) global bond issuance under its Global Medium-Term Notes Programme (GMTN). This is the first Euro issuance from Saudi Arabia, and it has received significant interest from investors worldwide, with the order book peaking at € 14.5 billion (equivalent to around SAR 16.9 billion).

The issuance consisted of two tranches of global notes: € 1,000,000,000 (equivalent to around SAR 4.2 billion) notes due 2027, and € 2,000,000,000 (equivalent to around SAR 8.4 billion) notes due 2039.

A joint team advising the issuer was led by the managing partner Zeyad Khoshaim of K&A and associate Ghadah Alotaibi. International aspects were handled by A&O and led by A&O partners Jamie Durham and Sachin Davé and associates Aditya Vikram and Khalid Alyafi.

This announcement comes at the same time of K&A’s practice being ranked Tier 1 in Capital Markets by IFLR1000, Legal 500, and Band 1 in Chambers & Partners for the year 2019.


Khoshaim & Associates Advises on the Largest M&A Transaction in Saudi Arabian History

K&A advised the Saudi Arabian Basic Industries Corporation (SABIC) in relation to the acquisition by the Saudi Arabian Oil Company (Saudi Aramco) of 70% of its shares from the Public Investment Fund (PIF), a landmark transaction worth USD 69.1 billion.

The transaction was structured as a private sale transaction under the Capital Market Authority’s Merger & Acquisitions Regulations, and required complex advisory work on a multitude of issues which included capital markets, corporate, competition, finance, and litigation.

The K&A team was led by managing partner, Zeyad Khoshaim, and supported by M&A Counsel Leen Zaza, associate Arwa AlFawzan, and Trainee Associate Ghaida Meaigel. The team also included advice from Projects & Finance partner, Karim Wali, Dispute Resolution Counsel Nasser AlRubayyi, associates Ghadah AlOtaibi and Hussain AlShammasi.

Zeyad Khoshaim commented “This landmark transaction cements our position as the go-to firm in Saudi Arabia for complex M&A work. I am truly proud of our team whose work shows that our strategy of building on-the-ground capabilities ensures the best possible service to our clients.”

This historic acquisition comes side-to-side with K&A acting for the Saudi International Petrochemical Company (Sipchem) in its business merger with Sahara Petrochemicals Company, another notable transaction in the public market in Saudi Arabia worth approximately USD 4 billion. 

K&A recently became the only Saudi Arabian law firm to be ranked as Band 1 in all practice areas ranked by Chambers Global, and as Tier 1 in all practice areas ranked by IFLR 1000.


IFLR 1000 Rankings (2019)

K&A was ranked Tier 1 in ALL practice areas for the IFLR 1000 2019 awards. IFLR 1000 is the guide to the world’s leading financial law firms and lawyers. We were specifically ranked Tier 1 in Banking, Capital Markets, M&A, Project Development and Project Finance.

We are extremely proud of the team for working so hard during the year on extraordinary projects and transactions that resulted in success and this amazing accomplishment.

https://www.iflr1000.com/Jurisdiction/Rankings?id=213#rankings


K&A wins Saudi Arabia Deal of The Year

K&A is proud to be the winner of two awards from Islamic Finance News: the Saudi Arabia Deal of The Year and the Real Estate Deal of The Year.

The Saudi Arabia Deal of The Year and Real Estate Deal of The Year relate to the SAR 11 Billion sukuk program to be issued by Saudi Real Estate Refinance Company (SRC). K&A represented HSBC Saudi Arabia, the arranger for this huge transaction, alongside its cooperation firm, Allen & Overy.

We are very proud of the Capital Markets team for working tirelessly on this transaction and are honored to have been chosen. Thank you to the IFN Awards team for this recognition.

 


K&A advises on the establishment of Saudi Real Estate Refinance Company’s domestic sukuk programme

 


Khoshaim & Associates (K&A) together with its cooperation firm Allen & Overy (A&O), have advised HSBC Saudi Arabia as sole arranger on the establishment of a SAR 11 billion domestic sukuk issuance program for Saudi Real Estate Refinance Company (SRC).

The team advising HSBC Saudi Arabia on the establishment of the programme was led by K&A’s managing partner Zeyad Khoshaim, supported by associate Ghadah AlOtaibi and A&O capital markets partner Bilal Ahmad, supported by associate Nick Halewood.

Zeyad Khoshaim, commented, “This was a strategically important transaction for SRC – the establishment of its first capital markets financing platform; the programme gives SRC an efficient platform to raise Saudi Riyal denominated funding.”

This transaction comes with K&A being awarded “The Real Estate Deal of The Year” and “Saudi Arabia Deal of The Year” by the Islamic Finance News awards based on this deal.

We are very proud of the Capital Markets team for working tirelessly on this transaction and are honored to have HSBC Saudi Arabia choose K&A as legal counsel.


U.S.$ 7.5 billion bond issuance in January 2019 from Saudi Arabia comes to market with guidance from K&A

K&A advised the Ministry of Finance of the Kingdom of Saudi Arabia on U.S.$ 7.5 billion (equivalent to SAR 28.12 billion) global bond issuance under its Global Medium-Term Note Program. This issuance has received significant interest from investors worldwide, with the order book peaking at U.S.$ 27.5 billion (equivalent to SAR 103.12 billion).

The issuance consisted of two tranches of global notes as follows: U.S.$ 4,000,000,000 (equivalent to SAR 15 billion) notes due 2029, and U.S.$ 3,500,000,000 (equivalent to SAR 13.12 billion) notes due 2050.

A joint team advising the issuer was led by the managing partner Zeyad Khoshaim of K&A, and associate Ghadah Alotaibi. International aspects were handled by A&O and led by A&O partners Jamie Durham, Sachin Davé and associate Khalid Alyafi.

Zeyad Khoshaim commented “We are proud of the work that we are doing with the Debt Management Office of the Ministry of Finance and level of sophistication of their operation. We believe that the international market has responded accordingly.”

This announcement comes at the same time of K&A’s practice being ranked Tier 1 in Capital Markets by IFLR1000 and Band 1 in Chambers & Partners for the year 2019.


K&A New Joiners 2019

K&A is excited to welcome its 2019 class of trainees joining from top universities in the Kingdom of Saudi Arabia and the United Kingdom, both undergraduates and graduates.

K&A’s mission is to elevate the practice of law in Saudi Arabia by recruiting, retaining and advancing the brightest legal talents. Through the training programs, students and graduates are provided with an opportunity to build their knowledge and legal expertise in the various legal practice areas of K&A and are able to kick-start their legal careers.

During their internship, our trainees rotate within two practice areas and have access to a mentor who helps with accelerating their learning and growth.

Welcome to our trainees, we are very excited to have you with us.


K&A Promotes Three Senior Associates to Counsel

K&A is pleased to announce the promotions of three of its Senior Associates to Counsel, effective January 2019.

Imtyaz Sattar:

Imtyaz joined K&A in 2012. Imtyaz is a Canadian qualified lawyer (Ontario) with over 20 years’ experience in various jurisdictions and a wide range of commercial and corporate matters including private acquisitions, joint ventures, strategic investments, equity issues and various capital markets and banking regulatory matters.

Leen Zaza:

Leen is a New York-qualified lawyer, who currently serves as the Corporate and M&A Practice Leader, and has experience of a wide range of corporate and commercial transactions in Saudi Arabia and internationally, including mergers and acquisitions, joint ventures, IPOs, private placements, and general corporate regulatory and advisory work. Leen Zaza was recognized as a Rising Star in IFLR1000, the only female lawyer to be ranked amongst all private practice areas, and has built a solid market recognition for her skills, capabilities and leading notable deals and transactions.

Nasser Alrubayyi:

Nasser is a qualified Saudi Arabian counsel lawyer whose practice involves representing clients in complex litigation and commercial arbitration cases.

He has acted as counsel representing and defending international as well as domestic corporations in a wide assortment of litigation and arbitration cases in the construction, telecommunications, securities, employment, insurance, and real estate sectors.
Nasser is one of the first lawyers to argue cases before the newly established Administrative Supreme Court. He also sits as arbitrator in commercial cases.

Nasser has been recently appointed as advisor to the Saudi Ministry of Justice in relation to the reform of the Saudi judicial system. Nasser is known amongst his peers for being one of the leading litigators in Saudi Arabia, having personally argued over 150 cases.

Legal 500 2018 named Nasser as the only Next Generation Lawyer named for Dispute Resolution in Saudi Arabia.

New hires and other promotions:

K&A has also boosted its capital markets team with the hiring of three associates in that seven-lawyer practice, as well as promoting a lawyer in each of the Projects and Finance, Corporate M&A and Dispute Litigation practices, bringing the total lawyers in K&A to around thirty.

K&A remains committed to enabling its people to grow, continue to recognize their efforts and contribution and ensure they are always part of the success of K&A. Good luck to the team!


K&A advises on first share exchange “business merger” between Sipchem and Sahara

K&A is advising the Saudi International Petrochemical Company, (SIPCHEM), in relation to its potential SAR 16 Billion “merger of equals” with Sahara Petrochemicals Company, (Sahara).

The transaction is structured as a share swap, where Sipchem will offer shares in itself to the shareholders of Sahara, in exchange for all of Sahara’s shares, resulting in Sahara becoming a wholly owned subsidiary of Sipchem. This is a first of a kind structure in Saudi Arabia and has only been allowed as a result of the new M&A Regulations that the CMA issued.

The core team members for this landmark transaction were by led by Managing Partner, Zeyad Khoshaim, Projects & Finance Partner Karim Wali, M&A Senior Associate Leen Zaza, Associates Arwa Alfawzan, Rakan Alyusuf, and Ghadah AlOtaibi, along with Trainee Associates Ghaida Meaigel and Meshal Alkolaika.

Zeyad commented “We are proud to have been able to deliver on this landmark transaction entirely by our team in K&A. Our team’s knowledge of the CMA regulations, access to the relevant authorities, and bilingual skills made us the go to firm for transactions of this type.”

This transaction comes on the bank on assisting Natwest Markets/RBS on the USD 5 billion statutory merger between SABB and Al-Alawwal Bank and assisting HSBC on the Savola Group’s first accelerated book-built block trade.