Abu Dhabi, UAE – Abu Dhabi National Oil Company (ADNOC) and Mubadala Investment Company (Mubadala) acquired a 24.9 percent stake in Vienna-based energy and chemicals company Österreichische Beteiligungs AG from Mubadala.
Financial details of the transaction are not being disclosed. After the transaction, OMV will hold 31.5 percent, with the remaining share capital in free float.
Through this investment in OMV, which holds a 75 percent stake in Borealis, ADNOC will increase its shareholdings in both Borealis and Borouge.
Commenting on the transaction, Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said, “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.”
Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO, Mubadala, 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.”