Saudi Arabia’s oil giant Aramco buys 70 pct of SABIC for $69.1 billion in mega-deal

Saudi Arabia’s oil giant Aramco buys 70 pct of SABIC for $69.1 billion in mega-deal

Saudi Aramco purchased 2.1 billion shares, or 70 percent, of Saudi Basic Industries Corp (SABIC) for 259 billion riyals ($69.1 billion) in four special transactions on Sunday.. We will make a completion announcement in due course," Saudi Aramco told Al Arabiya English in a statement.. Aramco indicated that 36 percent of the purchase price - which could be adjusted for certain expenses - will be paid in cash, while 64 percent will be paid in the form of a seller loan.. The proceeds to the PIF in the form of cash will amount to $500 million, and the five additional bonds will be worth $2.5 billion..