Prince Alwaleed sells BEV stake to Kingdom Holding

Kingdom Holding Company has acquired a stake in US-based Breakthrough Energy Ventures (BEV) from its founder and chairman, Prince Alwaleed bin Talal, at a discount.

The stake was acquired for SAR255 million ($68 million), the company said in a statement to the Saudi stock exchange on Thursday.

The transaction was executed at a 30 percent discount compared to an estimated value of $98 million, based on BEV’s latest audited financial statements. 

The transaction, which was self-funded, aligns with Kingdom Holding’s strategy of accessing investment opportunities not widely available in the market, the statement said.

Breakthrough Energy, founded by Bill Gates in 2015, is an investor-led fund that aims to accelerate innovation in sustainable energy and other technologies to reduce greenhouse gas emissions.

In December 2016 Alwaleed Philanthropies announced a $50 million investment in BEV after joining the Breakthrough Energy Coalition in November 2015.

Alwaleed owns over 78 percent stake in Kingdom Holding. The company’s shares closed 5 percent lower at SAR9.93 on Wednesday but are up 24 percent so far this year.

Alwaleed has a net worth of $20 billion, according to the Bloomberg Billionaires Index. He holds stakes in Elon Musk’s Xai and X, as well as Citigroup and JD.com.

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