Public Investment Fund Acquires 54% Stake in MBC Group for 7.5 Billion SAR
The Public Investment Fund (PIF) announced the signing of a binding agreement with Al-Istidama Holding Company to acquire a 54% stake in MBC Group, valued at 7.469 billion SAR (equivalent to 1.988 billion USD).
Under this agreement, Al-Istidama Holding will sell its entire stake of 179.55 million shares to the fund through a private transaction, with a share price of 41.60 SAR, bringing the total transaction value to approximately 7.4 billion SAR.
To finalize this deal, several conditions are expected to be met, including obtaining the necessary regulatory approvals and non-objection certificates to ensure compliance with relevant authorities.
Upon completion, the Public Investment Fund will hold a majority stake in MBC Group, further enhancing its investments in the media and entertainment sector.
It is worth noting that MBC Group witnessed a 44.8% growth in profits at the end of last year, recording annual earnings of 69 million SAR.
