Public Investment Fund hires HSBC for potential purchase of ACWA Power stake
Saudi Arabia's Public Investment Fund (PIF) has reportedly hired HSBC to advise it on a potential purchase of a stake in ACWA Power. ACWA Power has chosen JP Morgan to advise it on the process, according to the source. PIF already owns a 13.7% stake in ACWA through a subsidiary - Sanabil Investments – since January 2013, and aims to raise it to 25-35%. It is unclear whether the stake would be a direct investment by PIF or through PIF's subsidiary. (Reuters)
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