Saudi Arabia’s Public Investment Fund (PIF) is in advanced stages of discussion to buy nearly a 10 percent stake in ACWA Power International, ahead of an initial public offering (IPO) by the Riyadh-based energy firm, Bloomberg reported, citing unidentified sources.
The Kingdom’s sovereign wealth fund may sign an agreement with ACWA Power in the coming days, the people said. The discussions may not result in a deal, they added.
Acwa Power said they are unable to comment at this time, when contacted by Argaam.
The talks of a deal come as ACWA Power prepares for an IPO with an aim to raise more than $1 billion. The share sale would be one of the first to allow Qualified Foreign Investors to participate in an IPO in the Kingdom, the news agency said.
Set up in 2004, ACWA Power owns conventional power, renewable and water desalination assets across the Middle East.
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