Mubadala Energy buys into Kimmeridge’s SoTex: Mubadala Energy — a unit of the Abu Dhabi sovereign wealth fund — acquired a 24.1% stake in SoTex Holdco, the natural gas assets management arm of US-based Kimmeridge Energy, according to a statement published on Thursday.

This is the firm’s first investment in the North American market, supporting its push into the global gas and LNG value chain, with direct exposure to upstream production in Texas and a planned 9.3 mn tonnes per year LNG export facility in Louisiana.

Mubadala Energy will pay for the SoTex stake in equity, with an undisclosed amount of new shares set to be issued to Kimmerdige’s shareholders to complete the transaction. The story got ink from Reuters.

SoTex’s portfolio: The company owns two main businesses, namely Kimmeridge Texas Gas (KTG) and Commonwealth LNG — which is still a pre-final investment decision project. Meanwhile, KTG currently produces 500 mn cubic feet equivalent per day, with output projected to triple to 1.5 mn by 2031, the statement reads.

OTHER M&A UPDATES-

#1- French shipping giant CMA CGM secured a 35% stake in Egypt’s 6 October dry port, according to a Transport Ministry statement released on Friday. The acquisition is part of a strategic partnership signed between the French company and the port company that aims to boost operations, improve cargo flow, and provide integrated logistics services. This will also allow CMA CGM to leverage the port’s integrated inland transport and customs clearance services to expand its customer base in Greater Cairo and Upper Egypt.

BACKGROUND- The dry port was set up under a build-operate-transfer structure. The port’s current operator — October Dry Port Company (ODP) — is a JV that is 70% owned by Elsewedy Electric, 20% held by SLP for Logistic Properties, and 10% by DB Schenker Egypt. It remains unclear whose stake CMA CGM took over.

Latest from the port: The October dry port got the green light from Egypt’s Customs Authority to host import and customs clearance of textile and related products earlier this year. The port will be in close proximity to Elsewedy Industrial Development’s in-the-works industrial zone, dubbed Industria October.

#2- GulfNav is one substantial shareholder down: DFM-listed Ajman Bank divested an undisclosed portion of its stake in DFM-listed shipping firm Gulf Navigation (GulfNav), dropping below the 5% threshold that separates substantial shareholders from minority holders under UAE market rules, Zawya reports citing market data. This comes after a series of nine direct off-market share sales since Wednesday, 5 March valued at a total of AED 173.4 mn.

#3- NAS to be majority shareholder in Egyfert: UAE-based NAS Investment Holding is on track to become the majority shareholder in EGX-listed phosphate exporter Egyfert, after receiving approval from the Egyptian Competition Authority. NAS plans to raise its stake from 32.4% to up to 90% through a transaction valued at EGP 522.5 mn (c. USD 10.2 mn), which puts Egyfert’s total valuation at EGP 912 mn, according to an authority statement published on Saturday. The offer price is set at EGP 95.0 per share, representing a 22.88% discount to yesterday’s closing price.

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