Saudi Wealth Fund Buys Stake in JV From Aramco and Jacobs - Bloomberg:
Saudi Arabia’s sovereign wealth fund has acquired a 40% stake in a joint venture between state energy producer Aramco and Jacobs Engineering Group Inc., according to three people familiar with the matter.
The Public Investment Fund acquired 30% of Jasara Program Management Co. from Saudi Arabian Oil Co. and 10% of the joint venture from Jacobs, one of the people said, leaving Aramco with 20% and Jacobs with 40%. The venture was created in 2017 to provide management services for social infrastructure projects in the kingdom and across the Middle East and North Africa, according to a Jacobs statement from that year.
Jasara declined to comment, while Saudi Aramco and Dallas-based Jacobs didn’t immediately respond to requests for comment. None of the people disclosed the value of the deal.
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