PIF to acquire Hadeed from SABIC; Hadeed to acquire Rajhi Steel

The Public Investment Fund (PIF) signed a share purchase agreement to acquire 100% of Saudi Iron & Steel Company (Hadeed) from SABIC. In a cross-conditional deal, Hadeed will acquire 100% of AlRajhi Steel Industries Company (Rajhi Steel) from Rajhi Invest in exchange for newly issued Hadeed shares, creating a national steel champion.

“The steel industry is foundational to the Saudi economy and to its diversification and growth.”pif.gov.sa

• 3 sources
• pif.gov.saPIF | PIF, SABIC and Rajhi Invest Announce National Champion in the Saudi Arabian Steel Industry | Public Investment FundPublic Investment Fund (PIFSep 3, 2023
• english.alarabiya.netSaudi PIF to create steel giant with $3.3 bln acquisition of Sabic’s metal unit dealSep 3, 2023
• constructionweekonline.comSaudi Arabia's PIF takes over SABIC-owned iron and steel company - Construction Week OnlineAngitha PradeepSep 6, 2023

Summarized from public sources; check the original articles before acting on it.