Saudi Arabian oil giant Saudi Aramco has finalized its deal to buy a 70% stake in Saudi Basic Industries Corp (SABIC) on Sunday. The deal is worth a total of $69.1 billion or $32.8 per share of SABIC.
The acquisition, which expands Aramco's petrochemical manufacturing and refining capacities, was finalized through four different transactions during the day, Al-Arabiya reported. Around 36% of the sum was paid in cash, according to Aramco, while the rest came from a seller loan.
Aramco bought the stake in petrochemical giant SABIC from the Saudi Public Investment Fund (PIF). The deal was initially agreed in March 2019 but was awaiting final regulatory approval from the European Union.
