Kingdom Holding Company has completed the acquisition of a 70% stake in Al-Hilal from Saudi Arabia’s Public Investment Fund (PIF) for approximately €193 million (SAR 840 million).

The remaining 30% stake will remain under the ownership of the Saudi sovereign wealth fund, according to a statement released on Tuesday.

The transaction was completed after Kingdom Holding obtained all the necessary regulatory approvals and no-objection clearances, as well as fulfilling the internal requirements set out in the share purchase agreement.

Kingdom Holding is chaired by Prince Al-Waleed bin Talal, who is now the majority shareholder of the Saudi Pro League club.

The deal values Al-Hilal at approximately €276 million (SAR 1.2 billion).

On an enterprise value basis, including equity and debt, the club is valued at around €320 million (SAR 1.4 billion).

The two parties signed the share purchase agreement on April 16, with the transaction completed four and a half months later.

The sale of Al-Hilal is part of the privatization programme launched by the Saudi government as it seeks to attract private investment into the country’s football industry.