The long-anticipated acquisition of AEC by the Public Investment Fund has now completed and was marked by a signing ceremony in London. It appears that 100% of the shares have been acquired by the PIF from BAE Systems and their partners, who have owned AEC for over a decade. This is the first major acquisition by the PIF as part of the defence nationalisation strategy and AEC will now sit within Saudi Arabian Military Industries (SAMI).
To read about this and more of this week’s news from the Kingdom of Saudi Arabia, click here.
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