Linklaters Acted On Hassana Investment Company’s Strategic Acquisition Of Minority Interest In RAWEC

Linklaters Acted On Hassana Investment Company’s Strategic Acquisition Of Minority Interest In RAWEC

Linklaters advised Hassana Investment Company (HIC), the Investment Manager of Saudi Arabia’s social insurance and pension fund, on the strategic acquisition of a minority interest in Rabigh Arabian Water & Electricity Company (RAWEC) from ACWA Power, the world's largest private water desalination company. This strategic transaction, valued at SAR 844m (approximately US$ 225m), is the beginning of a long-term partnership between ACWA Power and HIC.

ACWA Power presently possesses nearly all (99%) of the shares in RAWEC. RAWEC was established to develop, own, and manage the Rabigh Independent Water, Steam, and Power Producer, playing a vital role in supplying crucial utilities — electricity, steam, and water — to Rabigh Refining and Petrochemical Company.

The Linklaters cross-practice team was led by Saudi Arabia National Managing Partner Waleed Rasromani and corporate/M&A counsel Claire Neil, with support from energy & infrastructure counsel Jack Allen-Fitt, and associates Jordan Badenko and Dmitry Gorchakov.

Waleed Rasromani, National Managing Partner of Linklaters Saudi Arabia said, “We are thrilled to have supported HIC in this transaction which marks the start of their long-term relationship with RAWEC, a key infrastructure asset in the Kingdom of Saudi Arabia. We look forward to continuing to support our clients in furthering their strategic objectives in the region, and globally.”