Prince Walid bin Talal of Saudi Arabia is known for his big bets on companies like Citigroup. Now it seems he is swinging for the fences with General Motors.
The prince said on Tuesday that his investment vehicle, Kingdom Holding, took a $500 million piece of the car maker’s initial public offering, representing a 1 percent stake of the company. He was one of several big investors G.M. and its advisers courted during the months-long I.P.O. process.
“We are confident that the current management of G.M. is able to deliver growth and profits over the coming years,” Ahmed Reda Halawani, Kingdom Holding’s executive director of private equity, said in a statement. “We will be able to achieve the expected return on this investment.”
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