This M&A heavy week roars to a close with news that two of the nation’s biggest energy giants have even deeper transaction pipelines than we’d previously thought.

UP FIRST- Masdar is close to snagging a stake in Spain’s Saeta Yield: Brookfield is nearing an agreement to sell its stake in Spanish renewables firm Saeta Yield to Masdar, Spanish news outlet Expansion reported on Tuesday. The transaction could be valued at over EUR 1.5 bn (USD 1.66 bn), it quotes sources as saying. It did not provide further details.

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ICYMI- State-owned renewables giant Masdar was set to submit a final bid to acquire Brookfield’s Saeta Yield earlier in July. Saeta Yield, which Brookfield acquired from ACS for EUR 1 bn in 2018, owns a portfolio of 28 wind farms, 10 photovoltaic parks, and seven solar thermal plants across Spain and Portugal with a total capacity of 1.2 GW. The acquisition will include the entire renewables portfolio, excluding its solar thermal plants.

Part of a deeper push into Europe: In July, Masdar lined up a transaction that would see it acquire a 50% stake in Spanish power firm Endesa’s solar power installations subsidiary EPGE Solar for AED 3.3 bn. The acquisition will make Masdar a partner in 2.5 GW of renewable energy assets in Spain. The company is looking at acquisitions of both minority and controlling stakes in Europe's green energy sector, with the continent set to be a crucial part of its plan to reach its 100 GW target capacity by 2030, CFO Mazin Khan told Reuters in July.

ADVISORS- Brookfield, which started the sale process last December, had tapped Société Générale Group and Santander Bank to advise on the transaction.

Adnoc looking at Shell’s distribution network in South Africa?

Adnoc is vying for Shell’s downstream assets in South Africa, Bloomberg reports, citing sources it says are familiar with the matter. Shell is looking to raise some USD 1 bn from the sale and could make a decision by year-end, though the process may extend into 2025, according to sources. A shortlist of bidders is expected to be out soon, with binding offers anticipated by December.

Not the first time we’ve heard this: A report in May suggested the Emirati oil giant was mulling the acquisition, which was then valued at USD 800 mn.

A head-to-head race with Aramco? Saudi oil giant Aramco is reportedly interested in bidding. Aramco has been particularly acquisitive in the distribution end of the industry lately, making acquisitions in Pakistan and Chile this year and signaling that it’s looking for more exposure to similar assets in Africa and Southeast Asia, EnterpriseAM Saudi has previously noted.

Other bidders? Global commodities trader Trafigura could be interested. Long-shot players could also be interested, including Omani energy firm OQ, South Africa’s Central Energy Fund, and South Africa’s chemicals and energy player Sasol, according to Bloomberg.

BACKGROUND- Shell confirmed in May that it’s looking to sell its South Africa downstream assets, which include its aviation, marine, construction and road, trading and supply, commercial fuels, and lubricant operations. Shell owns a network of 600 stations across the country.

ADVISORS- Shell is reported to have tapped Rothschild to work on the sale.

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