Saudi Arabian sovereign wealth fund Sanabil and the nation’s pension agency acquired 19 percent of ACWA Power International, a company that invests in power and water projects in the kingdom and regionally.
Riyadh-based ACWA issued 89.5 million new shares to Sanabil and the Saudi Public Pension Agency, each of which will have a seat on ACWA’s board of directors, the company said in an e- mailed statement yesterday. Morgan Stanley (MS) advised ACWA on the transaction, which will give Sanabil and the pension agency stakes of 13.7 percent and 5.7 percent, respectively. No financial details were given in the statement.
“ACWA Power has been growing rapidly and has started to expand beyond its borders in Saudi Arabia,” Klaus Froehlich, Morgan Stanley’s head of investment banking for the Middle East and North Africa, said by phone today. “This transaction will allow the company to continue its growth and further compete for contracts in Saudi Arabia which are mostly government related.”
Saudi Sovereign Wealth Fund Buys Stake in Utility ACWA Power - Bloomberg
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