# 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.

- Type: Acquisition
- Announced: 2023-09-03
- Where: Riyadh, Saudi Arabia
- Value: $3.30B
- Status: announced
- Products: steel
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md)

## Companies

- [Saudi Basic Industries Corp.](https://endata.com/companies/40075.md) (partner)
- [Public Investment Fund](https://endata.com/companies/47932.md) (acquirer)
- [Saudi Iron & Steel Company](https://endata.com/companies/72398.md) (target)
- [AlRajhi Steel Industries Company](https://endata.com/companies/72399.md) (target)
- [Mohammed Abdulaziz AlRajhi & Sons Investment Company](https://endata.com/companies/72400.md) (partner)

## Sources

- [pif.gov.sa](https://www.pif.gov.sa/en/news-and-insights/press-releases/2023/pif-sabic-and-rajhi/), 2023-09-03: "The steel industry is foundational to the Saudi economy and to its diversification and growth."
- [english.alarabiya.net](https://english.alarabiya.net/business/economy/2023/09/03/Saudi-PIF-to-create-steel-giant-with-3-3-bln-acquisition-of-Sabic-s-metal-unit-deal), 2023-09-03: "These transactions will bring together PIF's financial capabilities and industry experience with Hadeed and Rajhi Steel's leading technical and commercial expertise, to create a national champion in Saudi Arabia."
- [constructionweekonline.com](https://www.constructionweekonline.com/business/saudi-arabias-pif-takes-over-sabic-owned-iron-and-steel-company), 2023-09-06: "The steel industry is foundational to the Saudi economy and to its diversification and growth."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.