The state energy giant is preparing to gauge interest in the assets from potential investors and could kick off the process soon, the people said, asking not to be identified because the information is private. It is likely to attract bids from infrastructure-focused funds, the people said.
Bloomberg News reported last month that Aramco was planning to hire Morgan Stanley for the transaction. It couldn’t immediately be learned why Morgan Stanley wasn’t formally appointed in the end. Bankers sometimes do early preparatory work for companies before they’re officially hired on a deal, and advisers can change due to disagreements over terms of a mandate.
Goldman Sachs ranks first for deal advice in the Middle East and Africa this year, ahead of Morgan Stanley in second and JPMorgan in third, according to data compiled by Bloomberg.
