Saudi Arabia's oil giant Saudi Aramco will sell a 49% stake to EIG Global Energy Partners and Mubadala Investment Co., in a deal valued at over $12 billion, The Wall Street Journal reported on Friday, citing people familiar with the matter.
Saudi Aramco could announce the deal "as soon as Saturday," the report read, adding that the energy giant is ready to "cede some control" over the company in order to "lure foreign investors."
The outlet reported on the matter earlier this week, giving, at the time, a somewhat less precise estimate of the agreement's extent.