International law firm Baker & McKenzie recently advised Saudi Arabia-based Al-Babtain Power and Telecommunication Co on its 7.35 million euro ($9.6 million) acquisition of all the assets of French outdoor lighting and power transmission firm Petitjean SAS.

Petitjean, which filed for bankruptcy in December last year, is expected to boost Al- Babtain’s sales by 20 percent and its annual profit by two percent from the third year following the purchase, according to a statement made by Al-Babtain on the Saudi bourse earlier this month. The company added that the acquisition supports its planned geographical expansion strategy and provides it with access to the designs, products and procedures developed by Petitjean in manufacturing decorative poles, special stadium masts, and huge monopoles.

“We are delighted to have acted on this strategically important acquisition for one of our long-standing clients in the Kingdom,” said Karim Nassar, corporate partner at Baker’s Riyadh office. Nassar added that the acquisition opens new markets to Al-Babtain including Europe, Latin America, West Africa, Australia, and New Zealand.

The Baker & McKenzie team was led by Nassar and Paris-based partner Alain Sauty de Chalon. ANB Invest in Riyadh and Paris-headquartered Accuracy, Corporate Finance Advisory acted as financial advisors for the deal. ALB

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