Linklaters advises Hassana Investment Company on the strategic acquisition of 30% stake in Rabigh Arabian Water & Electricity Company

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 currently holds almost all (99%) of the shares in RAWEC, which was set up to build, own, and operate the Rabigh Independent Water, Steam, and Power Producer, and which plays a crucial role in providing essential 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.

Saudi Arabia National Managing Partner Waleed Rasromani 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.”