Deals
Saudi Wealth Fund Takes $1.5 Billion Stake in Alwaleed Firm
- Public Investment Fund to acquire 17% of Kingdom Holding Co.
- KHC’s shares soar almost 10% in Riyadh trading on Sunday
Prince Alwaleed Bin Talal/
Photographer: Mohammad Obaidi/BloombergThis article is for subscribers only.
Saudi Arabia’s sovereign wealth fund has bought a $1.5 billion stake in the investment company of billionaire Prince Alwaleed Bin Talal, who previously reached an undisclosed deal with the country’s government after being detained and accused of corruption.
The Public Investment Fund acquired 16.9% of Kingdom Holding Co. from Prince Alwaleed for 9.09 riyals a share, the closing price on the last trading day before the transaction was announced. Prince Alwaleed will retain a 78.1% holding, KHC said on Sunday, with the remaining 5% of the stock listed on the Saudi bourse.