Circle K Alsulaiman has acquired a majority stake in fuel services company Mazaya Fuel, which has upwards of 130 fuel stations across the Kingdom, Alsulaiman Group said in a statement. The move comes as part of Circle K Alsulaiman’s plan to establish more than 500 Circle K fuel stations across Saudi by 2030, with targeted investments of SAR 700 mn in the fuel sector.

What we don’t know: No information was disclosed on the size or value of the transaction.

The rationale: Alsulaiman Group will rebrand Mazaya Fuel stations under the Circle K name, as part of an Energy Ministry-backed agreement signed in June “to establish a network of Circle K-branded fuel stations,” the statement says. Circle K — founded in Texas in 1951 — operates over 13k stations across 31 countries. Alsulaiman Group is a key player in Saudi’s retail, logistics, and real estate sectors.

IN OTHER M&A NEWS-

Ma’aden eyes stake in Aluminum Bahrain via share swap: Saudi Arabian Mining (Ma’aden) has inked non-binding terms to acquire a 51% stake in Bahrain Bourse-listed Aluminum Bahrain (Alba), it said in a filing to Tadawul. The transaction — which is pending regulatory approval, due diligence and cross-listing Alba’s shares on Tadawul — would involve Ma’aden swapping its full share capital of subsidiaries Ma’aden Aluminum, Ma’aden Bauxite and Alumina, for new shares in Alba.

ADVISORS- Ma’aden tapped Merrill Lynch as its financial advisor, with AS&H Clifford Chance serving as its legal advisor, while Moelis & Company UK is advising Alba on the transaction.

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