April 1, 2019 / 11:22 AM / 22 days ago

Aramco plans to close SABIC acquisition deal in 2020

DUBAI, April 1 (Reuters) - Saudi Aramco plans to complete the acquisition of a 70 percent stake in Saudi Basic Industries (SABIC) in 2020, it said in its bond prospectus.

Aramco agreed last week to buy the majority stake from Saudi Arabia's Public Investment Fund for $69.1 billion.

Aramco's revenues at the end of last year stood at $315.24 billion, while its net income was $111.07 billion, the prospectus showed. (Reporting by Davide Barbuscia and Hadeel Al Sayegh; Editing by Jan Harvey)

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