Baker & McKenzie has completed the long-running SR9.25bn (£1.25bn) privatisation and IPO of Saudi government-owned mining company Ma’aden on the Saudi stock market.
Bakers has been a long-standing adviser to Ma’aden since it turned into a Saudi government-owned joint stock company in 1997.
It is understood that Bakers had been acting on the lead-in to the IPO for a period of several years, with the final stages of the offering ramping up in the past year.
Bakers Riyadh capital markets partner Karim Nassar said: “It was a significant transaction and moving from a government-owned company to what has become a publicly traded company overnight was challenging.”
The Bakers team was led by Nassar and partner Clive Cook in London, assisted by London associate Robert Eastwood and Riyadh associate Zahi Younes. JPMorgan was financial adviser and sole bookrunner and was advised by Allen & Overy partner Khalid Garousha.