{"id":90772,"date":"2024-04-04T00:00:00","date_gmt":"2024-04-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/lunate-snags-40-of-adnoc-oil-pipelines-from-blackrock-and-kkr\/"},"modified":"2024-04-04T00:00:00","modified_gmt":"2024-04-04T00:00:00","slug":"lunate-snags-40-of-adnoc-oil-pipelines-from-blackrock-and-kkr","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/04\/lunate-snags-40-of-adnoc-oil-pipelines-from-blackrock-and-kkr\/","title":{"rendered":"Lunate snags 40% of Adnoc Oil Pipelines from BlackRock and KKR"},"content":{"rendered":"

Alternative investment firm Lunate has acquired a 40% stake in Adnoc\u2019s <\/strong>oil pipeline asset network<\/strong> from US private equity giants BlackRock and KKR & Co, a Lunate press<\/a>release<\/a> reads. No details were disclosed about the terms or value of the acquisition, but Bloomberg<\/a> previously reported the stake could potentially cost more than USD 4 bn, including debt.<\/p>\n

The details:<\/strong> Lunate's Long Term Capital Fund acquired a 100% stake in a special purpose vehicle co-owned by BlackRock and KKR managed funds.<\/p>\n

BlackRock and KKR were trying to exit the pipeline for some time now:<\/strong> The private equity giants were in final talks to sell their combined 40% stake in Adnoc Oil Pipelines to ADQ during July of last year<\/a>. Both companies had purchased their stake back in 2019 in what was the first investment made by foreign asset managers in a state-owned oil producer in the region.<\/p>\n

More on Adnoc\u2019s Oil Pipelines:<\/strong> The oil giant operates 17 onshore and 5 offshore pipelines spanning 806 km, with a total capacity of 18 mn barrels per day, according to Reuters<\/a>. Adnoc leases their ownership interest in those pipelines over a 23-year period. <\/p>\n

OTHER M&A NEWS-<\/p>\n

Turkish household manufacturer and Beko parent company Ar\u00e7elik has completed its <\/strong>acquisition of <\/strong>Whirlpool<\/a><\/strong>\u2019s <\/strong>Middle East and North Africa operations<\/strong>, including in the UAE and Morocco, according to a statement<\/a>. The acquisition will help Ar\u00e7elik expand its footprint in the region, and will see it own the Whirlpool, Ariston, Indesit, Hotpoint, Hotpoint-Ariston, Bauknecht and Ignis brands in the region. <\/p>\n

Ar\u00e7elik also <\/strong>finalized an agreement<\/a><\/strong> with Whirlpool EMEA resulting in the creation of Beko Europe<\/strong>, in which it owns a 75% stake, while Whirlpool owns the remaining shares. These two transactions boost Ar\u00e7elik\u2019s operations to cover 57 markets with some 55k employees, and are expected to ramp up annual production capacity.<\/p>\n

\n

Saudi telco <\/strong>Zain Group<\/a><\/strong>\u2019s digital solutions arm, ZainTech, is set to acquire Dubai-based regional Amazon <\/strong>Web Services (AWS) advanced consulting partner <\/strong>Citrus Consulting<\/a> <\/strong>after inking a share purchase agreement with its parent company Redington<\/a>, it said in a statement<\/a>.<\/p>\n

The details: <\/strong>The acquisition will integrate Citrus Consulting\u2019s nearly 30 AWS-certified engineers and client portfolio with ZainTech\u2019s Cloud Center of Excellence for AWS, enhancing ZainTech\u2019s cloud-based digital solutions offerings across advisory, infrastructure management, application modernization, and data and AI services.<\/p>\n

\n

ALSO-<\/strong>Agthia Group has completed the integration of healthy snacks producer BMB <\/strong>Group under its umbrella<\/strong>, according to a company statement<\/a>. The acquisition was completed in December 2021, with the past two years dedicated to transferring knowledge and expertise and paving the way for Agthia's snacking division to take full operational control of BMB, according to an ADX disclosure (pdf)<\/a>. <\/p>\n

**This story was amended to remove mention of Lunate being backed by ADQ.<\/font><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition was made through Lunate\u2019s long term capital fund<\/p>\n","protected":false},"author":1,"featured_media":90773,"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":[57,70,1344,60],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-adnoc","tag-lunate","tag-ma","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"ad1607d0-1836-4a38-9afc-5a5f7132592a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/163.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Lunate snags 40% of Adnoc Oil Pipelines from BlackRock and KKR in multi-bn USD deal","related_issue":[90766],"teaser":"The acquisition was made through Lunate\u2019s long term capital fund","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.b5501aac-5ade-4f90-bd81-3a352b158667.mp3"},"yoast_head":"\nLunate snags 40% of Adnoc Oil Pipelines from BlackRock and KKR - 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