Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF) has selected Goldman Sachs & Co to advise on the sale of its stake in petrochemicals firm SABIC to state-owned Saudi Aramco, Reuters reported on Monday, citing two sources familiar with the process.
Citigroup Inc. has already won the mandate to advise SABIC on the transaction, the sources added.
In July, Aramco confirmed it was in talks to acquire a potential stake in SABIC, the world’s fourth largest petrochemicals company, from PIF.
JPMorgan and Morgan Stanley are advising Aramco, the world’s largest oil producer, on the deal, the report said.
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