White & Case and The Law Office of Megren M. Al-Shaalan Advise on First-of-its-kind Fully Marketed Secondary Offering of Shares in stc

Global law firm White & Case LLP and The Law Office of Megren M. Al-Shaalan have advised stc on a sell-down by the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, of a portion of PIF's shares in stc amounting to six percent of stc’s share capital, through a fully marketed secondary offering.

This transaction represents the first fully marketed secondary offering by a company listed on the Saudi Stock Exchange (Tadawul). The offering raised SAR 12 billion (approximately US$3.2 billion) for PIF, making it the largest equity capital markets transaction in the Kingdom of Saudi Arabia since the IPO of Saudi Aramco and the largest secondary follow-on transaction in EMEA in the last three years. 

Goldman Sachs Saudi Arabia, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital Company acted as financial advisors on the offering, and as bookrunners together with Citigroup Saudi Arabia and Credit Suisse.

stc is the digital enabler in the Middle East offering mobile, landline, internet and TV on-demand services, as well as international telecommunication, broadband and other related services.

The White & Case team which advised on the transaction included partners Sami Al-Louzi (Dubai), Laura Sizemore and Inigo Esteve (both London) and associates Ibrahim Soumrany (Dubai), Claudia Hasbun (London), Nour Ghaleb, Ghislaino Kamdo (both Dubai) and Ahmed Bekheit (Cairo). The Law Office of Megren M. Al-Shaalan team in Riyadh included partner Megren Al-Shaalan and associates Manal Al-Musharaf, Nawaaf Alawaad, Simon O’Connell-Schizas, Jad Slim, Waad Alkurini, Nezar Al-Abbas and Hend Bahabri. 

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