RIYADH: Saudi investment firm Kingdom Holding Co. bought a stake in Breakthrough Energy Ventures from its chairman, Prince Al-Waleed bin Talal, for SR255 million ($67.9 million), at a discount to its latest valuation.
The deal implies a purchase price about 30 percent below the stake’s value of $98 million, based on BEV’s most recent audited financial statements, according to a disclosure on the Saudi Exchange.
The investment underscores Kingdom Holding’s strategy to expand its portfolio in innovative and sustainable technologies, with the deal executed as part of its regular investment activities.
In a bourse filing, the company confirmed it signed a share purchase agreement to acquire the stake in BEV from Prince Al-Waleed bin Talal bin Abdulaziz, the company’s chairman and largest shareholder.
The transaction, completed on April 1, involves a clean-energy-focused investment platform founded by Bill Gates that targets technologies aimed at enabling a low-carbon economy.
