Al-Tayyar to buy 25% Thakher Investment stake for SAR 670 mln

Al-Tayyar Travel Group Holding signed a conditional agreement to buy a 25 percent stake in Thakher Investment and Real Estate Development Co. for SAR 669.9 million, the Saudi-based travel firm said in a statement to Tadawul.

Under the agreement, Mohammed Alsubeaei & Sons Investment Company (MASIC) and Abdullah Hamad Al Meshal and Sons Holding will each sell a 12.5 percent stake in Thakher to Al-Tayyar.

Al Tayyar will issue 6.51 million new shares to pay MASIC and Abdullah Hamad Al Meshal for the transaction. Following the share swap, each will jointly hold a 3.15 percent stake in Al-Tayyar Group.

HSBC Saudi Arabia Limited was hired as the financial advisor and Clifford Chance will handle the legal matters associated with the deal.

The agreement is conditional on changes to land titles, as well as regulatory and shareholder approvals.

Al-Tayyar will also take over Thakher’s development, a 322,800 square meter project in Makkah that includes a hotel, residential, and commercial facilities for pilgrims and residents.