Deals
Citi and Goldman to Advise on Mega Saudi Aramco-Sabic Deal
- PIF has also hired BofA to sell Sabic stake to Saudi Aramco
- Banks advising on PIF plans to sell Sabic stake to Aramco
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Citigroup Inc., Goldman Sachs Group Inc. and Bank of America Corp. have secured roles on what’s set to be Saudi Arabia’s largest-ever M&A deal. It’s perhaps some consolation for losing the chance to work on the world’s biggest share sale.
Citigroup is working with Saudi Basic Industries Corp. as Saudi Aramco seeks to buy a majority stake in the petrochemical giant from the Public Investment Fund, according to people with knowledge of the matter. Goldman Sachs and Bank of America are advising the sovereign wealth fund on the deal, two separate people said, asking not to be identified because the talks are private.