Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has now received unconditional clearance for its planned $69 billion acquisition of a majority stake in SABIC in all jurisdictions in which pre-notification antitrust filings are required.

The announcement was made after the Saudi oil giant received unconditional clearance from the European Commission for its proposed acquisition of a 70% stake in the Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund of Saudi Arabia (PIF)

Accordingly, the closing of the proposed transaction is subject to the remaining customary closing conditions contained in the Share Purchase Agreement (SPA), according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The SPA was signed in March 2019 with a value of around SAR 259.125 billion ($69.1 billion).