Advising on the historic public offering by ACWA Power Company
ACWA Power Completes Successful SAR 7.125 Billion Rights Issue
ACWA Power, a leading power generation, water desalination, and green hydrogen company, has successfully completed a SAR 7.125 billion ($1.9 billion) rights issue, one of the largest capital raises in Saudi Arabia's capital market. The offering attracted an impressive 96.2% subscription during the subscription period and a 6x over-subscription in the rump placement, mostly by international investors.
The proceeds from this offering will be used to fund ACWA Power's expansion in power generation, water desalination, and green hydrogen projects, as well as selective mergers and acquisitions. This capital increase is a significant step towards ACWA Power's strategic goal to increase its assets under management from $7 billion to $250 billion by 2030. The move strengthens ACWA Power's leadership in energy transition and contributes to Saudi Arabia's shift towards a sustainable and diversified energy future.
White & Case LLP, a global law firm, served as legal advisor to the underwriters for the rights issue transaction. The advisory team was led by Sami Al-Louzi (Dubai) and Majed Alkuraydis (Riyadh) from White & Case. The team included partners Laura Sizemore and Inigo Esteve (both London), Roger Gaspard (Dubai), and associates Andrew Scott, Cassy Raby (both Dubai), Husam Azhar, and Sarah Alrasheed (both Riyadh).
The underwriter syndicate for the transaction was led by SNB Capital, J.P. Morgan Saudi Arabia, and Citigroup Saudi Arabia. Dr. Roger Gaspard, a partner at White & Case, specializes in Capital Markets, Mergers & Acquisitions, Life Sciences and Healthcare, Technology, and Financial Institutions. Sami E. Al-Louzi specializes in Capital Markets, Technology, and Life Sciences and Healthcare. Andrew Scott specializes in Capital Markets and Technology. Husam Azhar specializes in Capital Markets and Mergers & Acquisitions.
The rump placement saw a 592% oversubscription, with 97% of the shares allocated to international investors. This rights issue marks a significant milestone for ACWA Power and Saudi Arabia's capital market. For further information, please refer to ACWA Power's official communications.
- ACWA Power's expansion in power generation, water desalination, and green hydrogen projects, as well as selective mergers and acquisitions, will be funded by the proceeds from the successful SAR 7.125 billion rights issue.
- White & Case LLP, an international law firm, served as legal advisor to the underwriters for the rights issue transaction.
- The underwriter syndicate for the transaction was led by SNB Capital, J.P. Morgan Saudi Arabia, and Citigroup Saudi Arabia.
- Sami Al-Louzi of White & Case specializes in Capital Markets, Technology, and Life Sciences and Healthcare.
- Roger Gaspard of White & Case specializes in Capital Markets, Mergers & Acquisitions, Life Sciences and Healthcare, Technology, and Financial Institutions.
- The rump placement saw a 592% oversubscription, with 97% of the shares allocated to international investors.
- For further news and information about ACWA Power's business and future investments in capital markets, please refer to their official communications.
