White & Case advises Goldman Sachs Saudi Arabia and SNB Capital Company on PIF’s sale of two percent stake in stc’s issued share capital

Global law firm White & Case LLP has advised Goldman Sachs Saudi Arabia and SNB Capital Company as Joint Global Coordinators and Joint Bookrunners on the sale by the Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, of 100 million shares in Saudi Telecom Co. (stc), a public joint stock company listed on the Saudi Stock Exchange, through an accelerated bookbuild offering.

"This transaction represents our fourth follow-on offering transaction in 2024 which came through fully marketed offering, accelerated book-building and private negotiated transactions," said White & Case partner Sami Al-Louzi, who co-led the Firm's deal team.

The offering comprised 100 million shares, representing 2 percent of stc's issued share capital. The total value of the offering was SAR 3.86 billion ($1.03 billion), with a final offer price of SAR 38.6 per share, making it the largest ever accelerated bookbuild offering in Saudi Arabia and the wider MENA region.

Both local and international institutional investors participated in the offering, pursuant to Regulation S of the US Securities Act of 1933.

White & Case previously advised stc on PIF's 2021 sell-down of six percent of stc's share capital through a fully marketed secondary public offering (FMO), the first FMO ever launched in the Saudi market.

The White & Case team which advised on the transaction was co-led by partners Sami Al-Louzi (Dubai) and Laura Sizemore (London) and included associates Andrew Scott, Cassy Raby, Wassim El Mardini (all Dubai) and Husam Azhar (Riyadh).

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