DLA Piper advises Saudi district cooling company on equity investment
DLA Piper Middle East has advised the Saudi District Cooling Company (Saudi Tabreed) on a 30% equity investment in it by the Public Investment Fund (PIF).
Established in 2006, Saudi Tabreed is the largest district cooling provider in the Kingdom of Saudi Arabia, where it develops, invests, and maintains district cooling schemes on a build-operate-own-transfer basis. Saudi Tabreed has plans to utilize the investment proceeds to fund its projects pipeline and continue its ambitious growth plans.
Saudi Tabreed’s chairman, Mr. Mohammed Abunayyan, commented “This is an important milestone in Saudi Tabreed’s journey and a very proud moment to be associated with the PIF. It marks a new chapter for the Company’s future. We are very excited about the growth opportunities that this valuable partnership will bring to the Company.”
Will Seivewright, partner and Head of Corporate (Middle East) DLA Piper, said: “PIF and Saudi Tabreed’s monumental deal will give the wealth fund a significant holding in the district cooling company – an investment which is transformational for the company. We are pleased to have supported Saudi Tabreed on this strategic transaction which ultimately helps to shape and diversify Saudi’s economy in alignment with the Kingdom’s Sustainable Saudi 2030 vision.
DLA Piper is one of the largest international law firms across the Middle East, with a corporate team of almost 1,000 lawyers worldwide. With a maintained number 1 ranking for Global M&A for the last 13 years, DLA Piper has been involved in over 5,000 credited transactions over the last decade. DLA Piper advises on many of the world’s leading and emerging companies, as well as financial institutions, and buyout and investment funds on a broad range of local, regional, and cross-border transactions throughout the MENA region.