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Saudi Arabia’s PIF to acquire controlling $2bn stake in MBC

Saudi sovereign wealth fund PIF has acquired a controlling 54 per cent stake in MBC Group

By Staff Writer
MBC Group Saudi PIF
Total revenues for the first half of 2024 reached $586.6 million, representing a 10 percent year-on-year increase. Image: Supplied

Saudi Arabia’s Public Investment Fund (PIF) is set to acquire a 54 per cent stake in broadcast giant MBC for SR7.47bn ($2bn).

It comes as PIF, which manages assets exceeding $900bn, announced plans to pivot towards focussing on domestic projects instead of international holdings.

MBC Group announced in a statement to the Saudi Stock Exchange that it had been notified by Istedamah Holding Company regarding the signing of a binding share sale and purchase agreement for the sale of Istedamah Holding Company’s entire stake in MBC Group Company to the Public Investment Fund.

PIF takes controlling stake in Saudi broadcaster MBC

As part of the deal PIF will take Istedamah’s entire stake in MBC, This amounts to 179,550,000 shares, which represents 54 percent of the broadcaster,

The deal is valued at SR7.47bn ($2bn) and values the shares at SR41.6 ($11).

Shares in MBC immediately jumped by around 10 per cent on the announcement of the deal.

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