White & Case and The Law Office of Megren M. Al-Shaalan advise on first fully marketed secondary offering of stc shares

Global law firm White & Case LLP and the law firm of Megren M. Al-Shaalan advised stc on a sale by the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, of a portion of PIF’s shares in stc amounting to six percent of stc’s share capital, through a fully marketed secondary offering.

This transaction represents the first fully commercialized secondary offering by a company listed on the Saudi Stock Exchange (Tadawul). The offering raised SAR 12 billion (approximately $3.2 billion) for PIF, making it the largest equity capital markets transaction in the Kingdom of Saudi Arabia since the IPO of Saudi Aramco and the largest secondary follow-on transaction in EMEA in the last three years. .

Goldman Sachs Saudi Arabia, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital Company acted as financial advisors to the offer and as bookrunners with Citigroup Saudi Arabia and Credit Suisse.

stc is the digital enabler in the Middle East offering mobile, landline, internet and on-demand TV services, as well as international telecommunications, broadband and other related services.

The White & Case team advising the transaction included partners Sami Al-Louzi (Dubai), Laura Sizemore and Inigo Esteve (both in London) and associates Ibrahim Soumrany (Dubai), Claudia Hasbun (London), Nour Ghaleb, Ghislaino Kamdo (both Dubai) and Ahmed Bekheit (Cairo). Megren M. Al-Shaalan’s law firm team in Riyadh included partner Megren Al-Shaalan and associates Manal Al-Musharaf, Nawaaf Alawaad, Simon O’Connell-Schizas, Jad Slim, Waad Alkurini, Nezar Al -Abbas and Hend Bahabri.

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