White & Case Advises on US$11.2 Billion Offering of Shares of Saudi Aramco

Global law firm White & Case LLP has advised Saudi Arabian Oil Company (“Saudi Aramco”) in connection with the secondary public offering by the Government of the Kingdom of Saudi Arabia of US$11.2 billion (excluding the overallotment option) of ordinary shares of Saudi Aramco. The offering was the largest secondary offering in EMEA since 2000 and the largest ECM offering in the Middle East, after Saudi Aramco’s IPO in 2019.

“This offering underscores the Firm’s unparalleled capacity to execute large multijurisdictional offerings,” said White & Case partner, Gary Kashar, who co-led the matter. “This deal leveraged our market-leading team of lawyers worldwide and again showcases our ability to work seamlessly across multiple offices and time zones.”

“This was another important transaction for Saudi Aramco, the Kingdom of Saudi Arabia and the Middle East region,” said White & Case partner Sami Al-Louzi, who also co-led the matter. “We are honored and privileged to have acted as Saudi Aramco’s counsel on this landmark transaction.”

White & Case partner Clark Wohlferd added: “Saudi Aramco has been a client of White & Case for nearly 75 years. We are thankful to contribute to the success of another monumental transaction.”

The White & Case team was led by Capital Markets partners Sami Al-Louzi (Dubai), Gary Kashar (New York), Inigo Esteve (London) and Waad Alkurini (Riyadh); and Corporate partner Clark Wohlferd (New York).

The team also included Capital Markets partners Elodie Gal, Maia Gez and David Johansen (all in New York), and Stuart Matty and Will Smith (both in London); Corporate local partner Nezar Al Abbas and counsel Jad Slim (both in Riyadh), and associates Hamzeh Al Rasheed (Dubai), Callie Wallace, Jack Adachi, George Davie, Diala Kakish and Emmanuel Sebbag (all in London), and Mayce Khairy, Raghad AlShunaiber, Khalid Al-Gublan and Husam Azhar (all in Riyadh); Environment & Climate Change partners Seth Kerschner (New York) and Taylor Pullins (Houston); Commercial Litigation partners Robert Milne and Kim Havlin (both in New York); International Arbitration partner Hansel Pham (Washington, DC); and White Collar partner Tami Stark (New York).

White & Case advised Saudi Aramco on the initial public offering of its shares in 2019 that raised SAR 110.25‬ billion (equivalent to US$29.4 billion), which at the time was the largest-ever initial public offering.

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