Lunate set to buy Italy’s Snam’s minority stake in Adnoc Gas Pipelines: ADQ-backed alternative investment firm Lunate is set to acquire a 6% stake in Adnoc Gas Pipelines indirectly held by Italian gas network operator Snam SpA for an undisclosed sum through Lunate’s Long-Term Capital Fund I, according to a joint statement (pdf). There’s no publicly available information about the size of the transaction.

REFRESHER- Snam has been mulling the sale of its entire minority stake in Adnoc — which it holds indirectly — since last year as part of a broader rationalization strategy to divest from non-core assets outside European energy corridors.

Pending signatures: The move remains subject to the signing of a definitive sale and purchase agreement along with securing the necessary regulatory approvals, including potential shareholder rights exercises.

Lunate ♥️ Adnoc: Lunate has previously acquired a 40% stake in Adnoc’s oil pipeline asset network from US private equity giants BlackRock and KKR & Co. back in April.

More of the shares could be up for grabs soon: Global Infrastructure Partners (GIP) — Adnoc Gas Pipelines’ largest foreign stakeholder — is said to be working with advisors to gauge interest in its holding, sources told Bloomberg last year. A GIP-led consortium had acquired 49% of the company in 2020 in a transaction that valued the entire network, including debt, at almost USD 21 bn.

About Adnoc Gas Pipelines’ portfolio: The Adnoc subsidiary’s portfolio includes a network of 38 gas pipelines spanning 982 km across the UAE, playing a significant role in connecting upstream assets to domestic off-takers.

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