SABIC gets final approvals on PIF’s acquisition of Hadeed

Logos of Public Investment Fund (PIF) and Saudi Iron and Steel Co. (Hadeed)

Saudi BASIC Industries Corp. (SABIC) obtained all final approvals from the relevant authorities for Saudi Iron and Steel Co.’s (Hadeed) acquisition by the Public Investment Fund (PIF).

In a statement to Tadawul today, May 26, SABIC said that it has satisfied all transaction-related conditions and completed the transfer of Hadeed’s full ownership to PIF.

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As previously announced, the deal’s total value is SAR 12.50 billion, and the final price will be set once the completion mechanism is completed, which is expected during the second half of 2024, the statement added.

In September 2023, PIF signed a share purchase agreement (SPA) to acquire 100% of Hadeed from SABIC, Argaam reported earlier.