Ma’aden Expands Stake in MWSPC with Clifford Chance's Guidance
Deal News | Dec 30, 2024 | Legal Community MENA
Saudi Arabian mining giant Ma’aden has successfully acquired an additional 25% stake in the venture MWSPC, previously held by Mosaic Phosphates, enhancing its position in the phosphates sector. In lieu of cash, Ma’aden has issued new shares to Mosaic, equal to approximately 2.92% of its total share capital, as consideration for the stake. This deal was formalized through a sale, purchase, and subscription agreement, executed on April 29, 2024. Approval was secured during an extraordinary general meeting of shareholders on December 11, 2024, facilitating both the requisite capital increase and the conclusion of the acquisition by December 24, 2024. Legal advisory was provided by AS&H Clifford Chance, with a team led by partners Mansoor Alhagbani and Omar Rashid, supported by other key associates and counsel from their Riyadh office. This strategic transaction underscores Ma’aden’s continued expansion and consolidation efforts in the region’s phosphates industry.
Sectors
- Mining and Metals
- Legal Services
Geography
- Saudi Arabia – Ma’aden, the acquiring company, is based in Saudi Arabia, and the legal advisory team from AS&H Clifford Chance is also operating out of Riyadh.
Industry
- Mining and Metals – The transaction involves Ma’aden, a major player in the mining and metals industry, particularly in phosphates production.
- Legal Services – AS&H Clifford Chance provided legal advisory services for the transaction, making the legal services sector a key part of the process.
Financials
- 2.92% – The percentage of Ma’aden’s entire issued share capital issued to Mosaic as consideration for the additional 25% stake in MWSPC.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ma’aden | Acquiror | Company | Ma’aden, Saudi Arabian Mining Company, is a leading mining enterprise focused on various mineral resources, including phosphates. |
| Mosaic Phosphates | Seller | Company | Mosaic Phosphates is the seller of the 25% stake in MWSPC involved in this transaction. |
| MWSPC | Target Company | Company | MWSPC, the Ma’aden Wa’ad Al‐Shamal Phosphate Company, is the entity in which Ma’aden acquired an additional stake. |
| AS&H Clifford Chance | Legal Advisor | Company | AS&H Clifford Chance advised Ma’aden on the acquisition, providing legal expertise and guidance throughout the transaction. |
| Mansoor Alhagbani | Lead Partner | Person | Mansoor Alhagbani, partner at AS&H Clifford Chance, co-led the legal advisory team for this transaction. |
| Omar Rashid | Lead Partner | Person | Omar Rashid, partner at AS&H Clifford Chance, co-led the legal advisory team for this transaction. |
| Haifa Al Damegh | Associate | Person | Associate at AS&H Clifford Chance involved in the legal advisory team. |
| Noura Al Assaf | Associate | Person | Associate at AS&H Clifford Chance involved in the legal advisory team. |
| Muhammad Ansab | Senior Associate | Person | Senior Associate at AS&H Clifford Chance involved in the legal advisory team. |
| Selman Ansari | Counsel | Person | Counsel at AS&H Clifford Chance who led on the anti-trust aspects of the transaction. |