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.
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.