Legal Advisors, in association with Baker and McKenzie, has advised Al Babtain Power and Telecommunications Company (Al Babtain) on its acquisition of 49% of Al Babtain LeBlanc Telecommunications Systems (LeBlanc). Al Babtain will issue 2,250,000 shares in favour of LeBlanc and will also pay LeBlanc a cash amount of SR25,840,000.
This is a significant transaction for one of our long-standing clients in the Kingdom,” said Karim Nassar, Corporate Partner, who led the Legal Advisors in association with Baker & McKenzie team.
Karim Nassar added, “It is a landmark transaction as it is the first time a foreign shareholder has acquired shares in a public company in the Kingdom through a share swap transaction.”
Karim Nassar was assisted by Riyadh-based associates Hoda Barrage and Bilal Rana. HSBC Saudi Arabia Limited acted as Al Babtain’s financial advisor.
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