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It’s a busy morning for the M&A folks, with at least three transactions worth a moment of your time.
#1- The Saudi Arabian Mining Company (Ma’aden) wants more phosphate in its portfolio: The company’s board has approved a capital increase that will allow it to take over Mosaic Phosphates BV’s full 25% stake in a JV with petrochemicals firm Sabic, according to a disclosure to Tadawul. Ma’aden inked the share purchase agreement with Mosaic back in April; the transaction will bring the miner’s total stake in Maaden Wa’ad Al Shamal Phosphate (MWSPC) to 85%.
The details: Under the agreement, which received the Capital Market Authority’s approval last month, Ma’aden will boost its capital by 3% to around SAR 38 bn by issuing 111 mn new ordinary shares, which will go to Mosaic in exchange for its stake and marketing rights in MWSPC.
#2- ADNH Catering expands operations in KSA: Abu Dhabi National Hotels’ catering arm, ADNH Catering, entered into a sales and purchase agreement with Compass Group to up its 30% stake in their Saudi JV to 50%, according to an ADX disclosure (pdf). Al Rushaid Group will hold the remaining stake. The transaction is expected to close in 1Q 2025.
The Saudi JV will be rebranded following the completion of the acquisition, with ADNH Catering managing and controlling its operations as part of a separate shareholder agreement with Al Rushaid.
#3- Tadawul-listed Internet service provider Go Telecom will acquire a 51% stake in digital transformation outfit Ejad Tech for SAR 86.7 mn, according to a disclosure to Tadawul. The transaction will see Go pay an upfront payment of SAR 40 mn, with the remaining SAR 46.7 mn to be paid in two installments at the end of 2025 and 2026. The acquisition is pending regulatory procedures.
We knew this was coming: The agreement follows a binding MoU signed in September, with Go’s shareholders approving the acquisition last week. Mekyal Financial Technologies served as Go’s financial advisor, while Ejad Tech was advised by ValuHub.
