Adnoc Gas stakes could be up for grabs: Global Infrastructure Partners (GIP) and Italian gas network operator Snam SpA are mulling selling their stakes in the Abu Dhabi National Oil Company’s (Adnoc) gas pipeline unit, Adnoc Gas Pipeline Assets, Bloomberg reports, citing people familiar with the matter. GIP, the unit’s largest foreign stakeholder, is working with advisors to gauge interest in its share, sources said. Snam, which holds a 6% stake in the company, is also contemplating offloading its stake.

In 2020, a GIP-led consortium secured a 49% stake in the unit: GIP led a consortium of international investors, which included Brookfield Asset Management, GIC, Ontario Teachers’ Pension Plan, and NH Investment & Securities, to acquire a 49% stake in a pipeline network for some USD 10.1 bn back in 2020. This transaction valued the entire network, including debt, at almost USD 21 bn

Lunate is a potential buyer: Abu Dhabi-based alternative investment firm Lunate reached out to key stakeholders of Adnoc Gas pipeline assets to acquire their stakes, the sources said. The ADQ-backed firm previously acquired a 40% stake in Adnoc’s oil pipeline asset network from US private equity giants BlackRock and KKR & Co in April. The firm manages around USD 105 bn assets.

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