A binding implementation agreement was entered into on 6 December 2018. The proposed merger, which is subject to shareholder and regulatory approvals, would create an entity with a market capitalisation of approximately US$ 4 billion.
The proposed merger will deliver multiple strategic benefits to the combined business, including increasing scale and resilience in the evolving petrochemicals sector, both in Saudi Arabia and internationally.
The AS&H and Clifford Chance team was led by Mansoor Alhagbani (Partner and Head of Capital Markets and Financial Regulatory, AS&H) and Mike Taylor (Partner, Clifford Chance).
A large team of M&A lawyers and other specialists from our Riyadh and Dubai offices are working on the transaction, including a core team comprising Rizwan Butt (Senior Associate, Riyadh), Ahmad Al-Sadhan (Associate, Riyadh), Ashley Cywicki (Associate, Dubai) and Nicola Birman (Associate, Dubai).
Mansoor Al Hagbani said: "We are delighted to have advised on yet another first of its kind deal in the Kingdom of Saudi Arabia. This proposed share for share exchange offer continues the trend for greater consolidation in the Kingdom amongst public listed companies."
Mike Taylor noted "We are very pleased to be working with Sahara on this highly significant transaction and look forward to moving expeditiously to closing. "
AS&H in cooperation with Clifford Chance recently advised SABB on its USD 5 billion statutory merger with Al-Alawwal Bank, NADEC on its acquisition of Al-Safi Danone as well as Savola Group on Saudi Arabia's first accelerated book-built block trade.