K&A advised the Saudi Economic and Development Holding Company (SEDCO), in the signing of the definitive share swap agreement with United International Transport Company (Budget), whereby SEDCO will sell all its shares in Al Jazira Equipment Company Limited (also known as AutoWorld) to Budget, in exchange for newly issued shares in Budget.
The deal was valued at around half a billion Saudi Riyals, and is a milestone in the sector as it involves two of the most prominent companies in the car leasing industry. Budget is a Saudi listed company with over a 100 location around KSA, and AutoWorld is a leading privately held operational leasing company operating from Al-Khobar. The deal remains subject to regulatory and shareholders approvals.
The team was led by managing partner Zeyad Khoshaim and Senior Associate Ghaida Meaigel, with support from Counsel Khalid Alyafi and associate Saudi Aldriss.
This also comes on the back of recent string of successes at the IFLR Middle East Awards 2023, which includes being named "Saudi Arabian Law Firm of the Year" and receiving other awards such as "Project Finance Deal of the Year" and the "Equity Deal of the Year."