{"id":100146,"date":"2025-01-29T00:00:00","date_gmt":"2025-01-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/lunate-to-snap-up-6-additional-stake-in-adnoc-gas-pipelines\/"},"modified":"2025-01-29T00:00:00","modified_gmt":"2025-01-29T00:00:00","slug":"lunate-to-snap-up-6-additional-stake-in-adnoc-gas-pipelines","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/01\/29\/lunate-to-snap-up-6-additional-stake-in-adnoc-gas-pipelines\/","title":{"rendered":"Lunate to snap up 6% additional stake in Adnoc Gas Pipelines"},"content":{"rendered":"

Lunate set to acquire Snam\u2019s minority stake in Adnoc Gas Pipelines: <\/strong>Abu Dhabi alternative investment firm <\/span>Lunate<\/a> is set to acquire a 6% stake in <\/span>Adnoc Gas Pipelines<\/a> from Italian gas network operator <\/span>Snam SpA<\/a> for an undisclosed sum through Lunate\u2019s <\/span>Long-Term Capital Fund I<\/a>, according to <\/span>a joint statement (pdf)<\/a>. The sale is subject to the signing of a definitive sale and purchase agreement along with securing the necessary regulatory approvals, including potential shareholder rights exercises.<\/span><\/p>\n

The value of the acquisition has not been disclosed<\/strong>, but Italian investment bank Mediobanca estimated in a client note picked up by <\/span>Reuters<\/a> that the stake could be valued at USD 200 mn, with a book value of EUR 135 mn.<\/span><\/p>\n

Background:<\/strong> Snam has been mulling the sale<\/a> of its entire minority stake in the Adnoc unit, which it holds indirectly, since last year as part of a broader rationalization strategy to divest from non-core assets outside European energy corridors. <\/p>\n

Lunate \u2665\ufe0f Adnoc: <\/strong>Lunate has previously acquired a 40% stake in Adnoc\u2019s oil pipeline<\/a> asset network from US private equity giants BlackRock and KKR & Co in April. <\/p>\n

More Adnoc shares could be up for grabs soon: <\/strong>Global Infrastructure Partners (GIP), Adnoc Gas Pipelines\u2019 largest foreign shareholder, is said to be working with advisors to gauge interest in its holding, sources told Bloomberg<\/a> last year. A GIP-led consortium had acquired 49% of the company back in 2020 in a transaction that valued the entire network, including debt, at almost USD 21 bn.<\/p>\n

About Adnoc Gas Pipelines:<\/strong> The Adnoc subsidiary\u2019s 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. <\/p>\n

ADVISORS-<\/strong> Rothschild is acting as Lunate\u2019s financial advisor on the transaction, while Bank of America is financial advisor for Snam, Reuters reports. <\/p>\n","protected":false},"excerpt":{"rendered":"

Lunate had previously acquired a 40% stake in Adnoc\u2019s oil pipeline asset network<\/p>\n","protected":false},"author":1,"featured_media":100147,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[1121,7,70,1344,60],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-100146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-adnoc-gas","tag-enterpriseam-uae","tag-lunate","tag-ma","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"fed52016-865b-4599-bdcb-a747b86b9cfd","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2555.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Lunate to snap up 6% additional stake in Adnoc Gas Pipelines","related_issue":[100141],"teaser":"Lunate had previously acquired a 40% stake in Adnoc\u2019s oil pipeline asset network","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.202aedde-6fae-47a0-aa4c-548fe53a81a4.mp3"},"yoast_head":"\nLunate to snap up 6% additional stake in Adnoc Gas Pipelines - 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