Abu Dhabi National Oil Company (ADNOC) announced that it will acquire a 24.9% stake in Austria-based integrated oil, gas, and petrochemical company OMV.
The UAE’s state-owned oil company is purchasing the stake in OMV from investment company Mubadala Investment Co. (Mubadala).
Closing of the transaction is subject to certain closing conditions and regulatory approvals.
Upon completion, ADNOC will have 24.9% of OMV, while Austrian company Österreichische Beteiligungs (ÖBAG) holds a 31.5% stake, and the remaining share capital in free float.
ADNOC managing director and group CEO Sultan Al Jaber said: “Building on the strong bilateral ties between the UAE and Austria, and our long-standing partership with OMV, ADNOC is delighted to be acquiring a 24.9% stake in OMV.
“As we continue to meet the growing global demand for lower carbon energy, we are fast-tracking the delivery of our growth strategy and expanding our footprint across key strategic markets and sectors.
“This milestone transaction, alongside our 25% shareholding in Borealis, is testament to our focused investment in building an integrated chemicals platform to accelerate our ambitious growth strategy.”
OMV holds a 75% stake in Austrian chemical company Borealis.
ADNOC acquired the remaining 25% from Mubadala, in April this year, which also owns a majority 54% stake UAE-based polyolefins manufacturer Borouge.
Through investment in OMV, Abu Dhabi’s state-owned oil company will increase its shareholdings in both Borealis and Borouge, expanding its footprint in the chemicals sector.
ADNOC said that the transaction will support its domestic and international chemicals growth strategy, and is in line with Mubadala’s long-term investment strategy.
The transaction will strengthen relations between the UAE and Austria, and creates long-term value for ADNOC, Mubadala and OMV.
Mubadala managing director and group CEO Khaldoon Khalifa Al Mubarak said: “Mubadala has had a longstanding relationship with our Austrian partners, and we have worked together to develop a champion in the energy sector, OMV.
“This transaction is reflective of our strategy to monetize assets at the right valuation and at the right time. We will continue to partner with best-in-class entities as we diversify our investment base and expand our growth trajectory.”
