Saudi Aramco has hired US-based FTI Consulting as global media advisor for its initial public offering (IPO) next year, Reuters reported Monday, citing unnamed industry sources.
FTI “will support Aramco's communications team ahead of the sale,” one of the sources said.
International consulting firm Brunswick Group competed with FTI for this deal, the sources added.
Aramco's corporate affairs department has 200 employees handling publications, media queries and events, in addition to supporting the ministry of energy’s staffing and speech writing.
The state-run oil giant has made several high-profile appointments in recent months for the IPO, such as investment banks Moelis & Co, Evercore, JPMorgan Chase & Co and Morgan Stanley. International law firm White & Case will serve as legal advisor for the listing, it was reported last month.
Saudi Arabia is planning to float up to 5 percent of Aramco on Tadawul next year, along with one or two international equity markets. The stake is expected to be valued at $100 billion, making the IPO the world’s largest ever.
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