The European Commission cleared Saudi Aramco’s acquisition of a 70% stake in SABIC from the Public Investment Fund (PIF) for $69 billion, according to the Saudi exchange (Tadawul).
“With this, the proposed acquisition has now received unconditional clearance in all jurisdictions in which pre-notification antitrust filings are required,” a Tadawul announcement wrote.
The deal serves a dual purpose, providing liquidity to the PIF, Saudi Arabia’s primary economic diversification vehicle, while boosting Saudi Aramco’s downstream and international portfolio.
The closing of the transaction is subject to the remaining customary closing conditions contained in the share purchase agreement.
