Saudi Aramco Selects D.C.-Based FTI Consulting as Media Advisor for IPO, Report Says

Saudi Aramco has chosen Washington, D.C.-based FTI Consulting as global media adviser for what is expected to be the world’s largest initial public share offer, industry sources told Reuters.

FTI Consulting will join already-tapped financial houses to assist with the listing, including Moelis & Co., Evercore, JPMorgan Chase & Co and Morgan Stanley. FTI “will support Aramco’s communications team ahead of the sale to handle the storm of the IPO,” one of the sources quoted by Reuters said.

FTI Consulting in Washington, D.C.

FTI Consulting in Washington, D.C.

The report was published just hours before Deputy Crown Prince Mohammed bin Salman was set to arrive in Washington, D.C., where he will dine with President Trump for lunch at the White House.

The firm has worked on high-profile cases and events like the Lehman Brothers and General Motors bankruptcies, the investigation into the Bernard Madoff fraud, Bush v. Gore, and the Major League Baseball steroid investigation.

“Organizations facing complex challenges and opportunities must make critical decisions to protect their enterprise value. Companies call on FTI Consulting and our unique arsenal of capabilities and expertise to develop and execute innovative solutions that transform complexity into competitive advantage,” the company says on its website.

According to another source quoted by ReutersAramco has avoided frequent contact with the international media “and has preferred in the past to let the ministry of petroleum handle such relationships…But now with the growing focus on the IPO and proliferation of related rumors and speculation, it is clear the company wants to manage these contacts in a more effective and professional manner.”