Global law firm White & Case LLP has advised the underwriters on ACWA Power Company's SAR 7.125 billion rights issue – one of the largest capital raises in the history of the Saudi capital market.
The underwriter syndicate was led by SNB Capital, J.P. Morgan Saudi Arabia and Citigroup Saudi Arabia.
The offering involved the issuance of 33,928,570 new shares to eligible shareholders and attracted exceptional investor interest, with 96.2 percent of the shares subscribed during the subscription period and a 592 percent oversubscription in the rump placement. Notably, 97 percent of the rump shares were allocated to international investors, highlighting ACWA Power Company's strong global appeal despite a tight discount and recent market volatility.
Proceeds from the offering will be used to expand ACWA Power Company's power generation, water desalination and green hydrogen projects while also allowing the company to pursue selective M&A opportunities, contributing to its broader goal of reaching US$250 billion in assets under management by 2030.
The White & Case team which advised on the transaction was led by partners Sami Al-Louzi (Dubai) and Majed Alkuraydis (Riyadh) and included partners Laura Sizemore, Inigo Esteve (both London) and Roger Gaspard (Dubai) and associates Andrew Scott, Cassy Raby (both Dubai), Husam Azhar and Sarah Alrasheed (both Riyadh).
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