Baker McKenzie and Herbert Smith Freehills (HSF) have advised on transactions in the Kingdom of Saudi Arabia.
Baker McKenzie has advised Allianz Group, a global insurance and asset management company, on the sale of its 51% stake in Allianz Saudi Fransi to Abu Dhabi National Insurance Company (ADNIC), an insurance provider headquartered in the UAE and listed on the Abu Dhabi Stock Exchange.
The transaction closed on April 17, after clearing regulatory approvals.
The Baker McKenzie team was led by corporate partner Mohammad Al Rasheed, who said in a statement: “This deal had a number of unique aspects and will serve as a blueprint for other transactions in the future.”
Meanwhile, in another deal, Baker McKenzie acted for Modern Mills Company (MMC), in its initial public offering on the main market of the Saudi Exchange.
The deal is valued at around SAR 3.93 million and involves the public flotation of 30% of the company’s shares.
The listing took place on March 27, after the MMC obtained Capital Markets Authority (CMA) approval on December 31.
Elsewhere in the Kingdom, HSF has advised the lenders to a joint venture between Cobra Instalaciones y Servicios and Alkhorayef Water & Power Technologies.
The joint venture is to build a 150km pipeline to transmit drinking water between Rayis in Madinah and Rabigh in Makkah, of Saudi Arabia.
It is the first of its kind in the region to be developed with the participation of the private sector, HSF said in a statement.
Additionally, the firm said the project will create job opportunities and support local content to align with Saudi Arabia’s Vision 2030.
The 35-year build, own, operate, and transfer (BOOT) contract was signed with Saudi Water Partnership Co at a total value of nearly SAR 8.4 billion and construction costs of SAR 2.4 billion.
The deal successfully reached financial close on March 24.
“We are delighted to have advised the banks on this landmark project, the first water pipeline PPP to close in Saudi Arabia,” said Dubai projects partner Phil Hanson, who was involved in the deal. “It demonstrates our Middle East team’s projects capabilities, following on from other recent regional water sector deals such as the Yanbu 4 IWP and Ras Tanura IWWTP in Saudi Arabia, and the Mirfa 2 IWP in Abu Dhabi.”
In addition to Hanson, the deal involved London partner Nick May and Madrid partner Eduardo Soler Tappa, who advised on Spanish law.
