“Kingdom Holding” acquires a share of “BEV” for 225 million riyals
Yesterday, Kingdom Holding Company signed a share purchase agreement to acquire a stake in Breakthrough Energy Ventures “BEV” from His Royal Highness Prince Alwaleed bin Talal bin Abdulaziz Al Saud, for a total amount of 225 million riyals, equivalent to 68 million dollars.
According to the company’s statement on the website "Saudi Arabia trading"The estimated value of the acquired stake was approximately $98 million (367.5 million riyals), based on the company’s latest audited financial statements. "BEV". While the deal was implemented for a total amount of $68 million (255 million riyals), which reflects a purchasing price that includes a 30% discount compared to the estimated value.
According to the statement, the deal will be financed from Kingdom Holding Company’s internal sources.
And"BEV" It is a company that invests in innovative clean energy and sustainability technologies, with the aim of enabling a low-carbon economy. Founded by Bill Gates, it invests in companies that develop pioneering solutions in the fields of agriculture, construction, electricity, manufacturing, and transportation.
Based on the audited financial statements of the company "BEV" As of December 31, 2024, 2023, and 2022, the value of the stake acquired by Kingdom Holding Company amounts to $98 million, $91.4 million, and $96.6 million, respectively.
The company said: The deal is in line with Kingdom Holding Company’s investment philosophy of enabling shareholders to access unique investment opportunities that are not widely available in the market, with a focus on innovative technologies with qualitative impact in their early stages.
Kingdom Holding Company is an investment holding company that manages a diversified investment portfolio. This transaction is taking place in the course of the Company’s normal investment activities, and is consistent with its role as an investment holding company.
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