Saudi Aramco successfully finalized the acquisition of 70% of shares in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund at a closing price of SAR 259.125 billion ($69.1 billion and $5.9 billion in vendor loan charges to the PIF) the company officially confirmed on Wednesday.
"The strategic integration of our Upstream production and Downstream chemicals feedstock production with SABIC's chemicals platform is expected to create opportunities for selective integration synergies that support growth and add value for shareholders," said Aramco's Chief Executive Amir Nasser (pictured left).
The deal, which helps Aramco expand its manufacturing capacities, was agreed upon in 2019 but was put on hold until the final approval by the European Union. The payments, initially set to start in 2025, were pushed to 2028.
