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.
BEV focuses on investing in companies developing breakthrough solutions across agriculture, buildings, electricity, manufacturing, and transportation.
The company said the transaction aligns with its investment philosophy of providing shareholders access to opportunities not broadly available in public markets, while positioning itself as an early investor in transformative technologies.
Kingdom Holding added that the acquisition is consistent with its role as an investment holding company managing a diversified portfolio and is not expected to materially impact its ongoing operations.
