Saudi Basic Industries Corp (SABIC) appointed Citigroup Inc. as advisor on Saudi Aramco’s potential purchase of a 70 percent stake in the petrochemical giant from the Public Investment Fund (PIF), Bloomberg reported on Monday, citing unnamed sources familiar with the matter.
The US-based Goldman Sachs Group Inc. and Bank of America Corp. have also been picked to advise on the deal by the Kingdom’s sovereign wealth fund, they added.
The deal would give the PIF the financial firepower required for carrying out its aggressive investment plans locally and abroad.
At current market prices, the PIF’s stake in SABIC is valued at nearly $70 billion.
Meanwhile, JPMorgan Chase & Co and Morgan Stanley had been earlier selected to advise Saudi Aramco on the transaction.
In July, State-owned Aramco said it was planning to buy the Public Investment Fund’s (PIF) entire holding in SABIC.
Saudi Aramco is considering to tap international bond markets for the first time to help finance the acquisition.
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