POSEY CO., IN (WFIE) – A Saudi Arabian company is set to buy a majority stake in plastics company SABIC.
SABIC, which operates a facility in Mt. Vernon, IN, announced Wednesday that Saudi Aramco signed a share purchase agreement to acquire a 70% majority stake in SABIC from the Public Investment Fund of Saudi Arabia in a private transaction.
The agreed purchase price for the shares is equivalent to $69.1 billion.
The transaction is subject to certain closing conditions, including regulatory approvals.
Chellsie Brown is covering this story today and she’ll have more about it tonight on 14 News.