Deals

Aramco to Acquire $69 Billion Sabic Stake in Record Mideast Deal

Deal will help finance economic agenda of Saudi crown prince
Transaction is for PIF’s 70% stake in the petrochemicals firm

Bloomberg’s Matthew Martin reports on the Middle East’s biggest ever deal.(Source: Bloomberg)

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Matthew Martin, Dinesh Nair, and Archana Narayanan

March 27, 2019 at 2:31 PM UTC

Updated on

March 28, 2019 at 12:01 AM UTC

This article is for subscribers only.

Saudi Aramco, the world’s biggest oil producer, will buy a majority stake in local chemical giant Sabic from the kingdom’s sovereign wealth fund for $69.1 billion, transferring a big slug of cash from one arm of the state to another to help finance Crown Prince Mohammed bin Salman’s economic agenda.

The Middle East’s biggest ever deal had been first mooted last year after the initial public offering of Aramco was postponed because investors balked at the crown prince’s $2 trillion valuation. Aramco’s purchase of the Sabic stake gets funds to the PIF by a different route.