Khoshaim & Associates Advised on Landmark Private Share Swap in Saudi Car Leasing Industry

Khoshaim & Associates Advised on Landmark Private Share Swap in Saudi Car Leasing Industry

In a move signifying a major development within the Saudi car leasing industry, Khoshaim & Associates (K&A) successfully advised the Saudi Economic and Development Holding Company (SEDCO) on a complex private share swap transaction.

This agreement, signed with the United International Transport Company (Budget), entails SEDCO divesting all its shares in Al Jazira Equipment Company Limited (AutoWorld) to Budget. As compensation, SEDCO will receive newly issued shares within Budget.

Valued at approximately half a billion Saudi Riyals, this transaction marks a significant milestone for the sector, uniting two of its most prominent players. Budget, a publicly traded company within Saudi Arabia boasting over 100 locations across the Kingdom, will acquire AutoWorld, a leading privately held operational leasing company headquartered in Al-Khobar.

The transaction remains subject to both regulatory and shareholder approvals before finalisation.

The K&A team, spearheaded by Managing Partner Zeyad Khoshaim and Senior Associate Ghaida Meaigel, played a pivotal role in facilitating this landmark deal. They received valuable support from Counsel Khalid Alyafi and Associate Saudi Aldriss throughout the process.