International law firm Clyde & Co LLP has acted for Arabian Company For Water & Power Development (ACWA Holding) in relation to the sale to Welspun of 50% of its piping and coatings divisions in Saudi Arabia. The deal, which involved a simultaneous joint venture with Welspun, places a combined value on the businesses of circa [SAR 433 million].
ACWA Holding is the largest private provider of water in Saudi Arabia and a major generator of power, while Welspun is a USD 3 Billion Indian head quartered group (listed on BSE and NSE) operating in core sectors that include steel, steel piping, infrastructure and energy.
The Clyde & Co team advising ACWA Holding compromised corporate partners Phil O’Riordan and Abdulaziz Albosaily together with associates Saud Al Arifi and Amira Shaker.
Commenting on the transaction, Abdulaziz Al Bosaily (Managing Partner of Clyde & Co’s associated office in Riyadh) said: “We are seeing more and more M&A activity in the Kingdom. Since it inception ACWA Holding has followed an expansionary path making long term investments – this deal sees two great companies tie up and provide a formidable offering in this sector.”
Clyde & Co has four Middle Eastern offices which operate regionally as a single unit; Abu Dhabi and Dubai in the United Arab Emirates; Doha in Qatar; and an associated office in Riyadh in Saudi Arabia. The firm formalised its presence in the Middle East in 1989 after many years of client activity in the region. Today Clyde & Co is recognised by the market as one of the major international law firms in the Middle East.
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