Riyadh, Saudi Arabia. Credit: wajdram/Adobe StockKing & Spalding to Enter Merger to Strengthen Saudi Arabia Presence
This deal marks the next phase for the firm after receiving a foreign law license to operate in Saudi Arabia last year.
November 12, 2024 at 12:36 PM
4 minute read
King & Spalding is merging with Saudi-based Abdulaziz H. Al Fahad & Partners Lawyers to strengthen its presence in the Kingdom.
A document was filed with the appropriate authorities on 7 November regarding a proposed merger with Al Fahad & Partners, King & Spalding said.
The filing indicates that the merged entity will operate as King & Spalding Law Firm, incorporating the operations of Al-Fahad and Partners. The two law firms will integrate to form a single entity, and it will retain a primary office in Riyadh, it added.
As part of the merger, Al-Fahad's partners will receive financial compensation in addition to shares in the newly combined entity, the filing reports.
Along with that, King & Spalding will hold 75% of the shares, with the remaining shares distributed among key local partners: Abdulaziz bin Hamad Al-Fahad, the founding and managing partner, and Fahad Nasser Al Arfaj, a partner at the local firm, who are named in the filing.
Furthermore, the merged entity acknowledges its financial responsibilities and attests to its ability to meet all debt obligations. Additionally, any future modifications to the company's articles of association resulting from the merger will be published in compliance with established disclosure requirements.
A proposed merger between the two firms was initially published on Aamaly E-Magazine, which reports news on governmental transactions, on 7 November and then reported by Law Middle East on Monday.
It is unclear when the merger will be finalised, but Law Middle East reports that approval may be required a month before it goes live. King & Spalding could not comment further on this matter.
“We will not be commenting further as the matter is subject to regulatory approvals and customary closing conditions,” a firm’s spokesperson said.
The move allows King & Spalding to expand its partner base in Saudi Arabia. The firm currently has a team of six lawyers in Riyadh, while Al-Fahad & Partners has 13, according to their respective websites. The Ministry of Investment's database indicates the firm has also secured a license to make Saudi Arabia its regional headquarters.
Al-Fahad & Partners was established in 1985 and specialises in capital market transactions, corporate law, construction, litigation, and dispute resolutions.
Law.com International also reached out to Al-Fahad & Partners Law Firm for comment.
This merger comes amid Saudi Arabia's proposed legislation to relax regulations, allowing foreign law firms to establish fully non-Saudi-owned offices in the Kingdom.
Like King & Spalding, Baker McKenzie expanded its presence in Saudi Arabia in July by acquiring a majority stake in its associated firm, Legal Advisors Abdulaziz Alajlan & Partners, which subsequently operated as Baker McKenzie Law Firm.
Clifford Chance entered into a joint venture with the local firm Abuhimed Alsheikh Alhagbani Law Firm (AS&H) last year.
King & Spalding's potential merger with Al-Fahad & Partners would mark the next phase of its expansion in Saudi Arabia following its 2023 approval for a foreign law license from the Saudi Ministry of Justice.
The firm previously established an affiliation in the Kingdom in 2007, collaborating with the Law Offices of Mohammed AlAmmar.
In 2024, King & Spalding also received a regional headquarters license, according to data from the Ministry of Investment.
The firm has advised on a number of significant deals in Saudi Arabia over the last few years, including representing NEOM in a $8.4 billion green hydrogen and green ammonia megaproject.
Recently, the firm hired Haifa Bahaian as a partner in Riyadh, focusing on investment fund advisory and corporate matters, further strengthening its focus on Saudi Arabia.
In the region, King & Spalding also has offices in Abu Dhabi and Dubai with 15 and 22 people, respectively.
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