White & Case advises Goldman Sachs Saudi Arabia
White & Case advised Goldman Sachs Saudi Arabia (GSSA) and SNB Capital (SNB) in a record-breaking bookbuild offering process.
GSSA and SNB assumed dual roles as joint global coordinators and joint bookrunners. Hence, Saudi Arabia’s sovereign fund, Public Investment Fund, sold 100 million shares of Saudi Telecom (STC). An amount corresponding to about 2% of the outstanding issued capital of the company.
Ultimately, the total value of the offering stood at SAR 3.86 billion with the price per share reaching SAR 38.6, therefore becoming the largest-ever accelerated bookbuild offering in Saudi Arabia and the wider MENA region.
White & Case has previously advised STC on PIF’s 2021 sell-down of 6% of its share capital. A transaction realized through a fully marketed secondary public offering (FMO), a first in the Saudi market.
White & Case’s partner Sami Al-Louzi (pictured), team lead in the operation, commented, “This transaction represents our fourth follow-on offering transaction in 2024 which came through fully marketed offering, accelerated book-building and private negotiated transactions”.
The White & Case team
The White & Case team advising on the transaction was co-led by partners Sami Al-Louzi (Dubai) and Laura Sizemore (London). It included also Associates Andrew Scott, Cassy Raby, Wassim El Mardini (all Dubai), and Husam Azhar (Riyadh).
