Saudi Arabia’s prince Alwaleed bin Talal owns majority of the shares in KHC.
M&G, which serves both individuals and institutional investors including pension funds globally, is said to have over $370bn in assets under management.
Regarding the latest deal, Kingdom Holding in a filing to the Saudi Exchange said: “This investment is aligned with KHC’s investment strategy of investing in global market leaders and further diversifies KHC’s exposure in new and promising sectors.”
However, the company did not reveal other terms of the deal.
The company provides services to 18 industries such as e-commerce, insurance and asset management, among others.
In May this year, KHC divested a 16.87% stake to Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, for $1.5bn.
Following the deal, prince Alwaleed continued to retain a 78.1% holding in KHC, while the remaining 5% stock continued to be listed on the Saudi bourse.
According to KHC CEO Talal Al-Maiman, the divestment aligned with Saudi Public Investment Fund’s approach to invest in well-known companies across the globe.