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Abu Dhabi's ADNOC to buy minority stake in ExxonMobil's Texas project

VCCircle

VCCircle · 11m ago

Abu Dhabi's ADNOC to buy minority stake in ExxonMobil's Texas project

Abu Dhabi National Oil Company (ADNOC) will acquire a 35% stake in ExxonMobil's low-carbon hydrogen project in Texas. The project has been delayed by a year and is now expected to start in 2029. The investment by ADNOC is seen as a vote of confidence in the project, which ExxonMobil has threatened to cancel if US government tax credits are restricted. The final investment decision has also been pushed back to 2025. The value of the transaction has not been disclosed.

Related News

Alpha Dhabi Holding to sell stake in oilfield services firm to JV with ADNOC Drilling

VCCircle

VCCircle · 1y ago

Alpha Dhabi Holding to sell stake in oilfield services firm to JV with ADNOC Drilling

Alpha Dhabi Holding, a subsidiary of Abu Dhabi's International Holding Company (IHC), plans to sell its controlling stake in an oilfield services firm to the joint venture it formed with ADNOC Drilling, a unit of Abu Dhabi National Oil Company. The joint venture, called Enersol, will purchase Alpha Dhabi Holding's stake in the company.

BlackRock, KKR sell stake in ADNOC assets to Abu Dhabi's Lunate

VCCircle

VCCircle · 1y ago

BlackRock, KKR sell stake in ADNOC assets to Abu Dhabi's Lunate

Abu Dhabi-based investor Lunate has acquired a 40% stake in the entity that leases Abu Dhabi National Oil Company's (ADNOC) oil pipelines from private equity firms BlackRock and KKR. The terms of the deal were not disclosed, but it marks a return of the stake to local hands after being purchased by the two US funds for $4bn in 2019. This move aligns with Abu Dhabi's strategy to create a national champion in the alternative investments sector with Lunate, which manages $105bn of assets and is part of a business empire owned by Sheikh Tahnoun bin Zayed Al Nahyan.

ADNOC to acquire German chemicals company Covestro for $16 bn

VCCircle

VCCircle · 11m ago

ADNOC to acquire German chemicals company Covestro for $16 bn

- Abu Dhabi's ADNOC acquires German chemicals company Covestro for $16 billion, making it ADNOC's largest-ever acquisition. - The deal aims to reduce the Gulf state's dependence on oil and increase investment in cleaner energy sources. - ADNOC plans to expand its presence in petrochemicals, gas, and renewable energy through the acquisition. - The transaction includes a cash deal of 62 euros per share and the assumption of around 3 billion euros in debt. - Covestro is seen as a growth platform for ADNOC, with expectations that the chemicals sector will outpace GDP growth. - The acquisition includes measures to limit ADNOC's control over Covestro, such as maintaining labor representation and securing management's strategic direction.

Abu Dhabi's Mubadala to buy $600-mn stake in UK school operator Nord Anglia

VCCircle

VCCircle · 4m ago

Abu Dhabi's Mubadala to buy $600-mn stake in UK school operator Nord Anglia

Abu Dhabi's Mubadala Investment Company plans to acquire a $600 million minority stake in UK private school operator Nord Anglia Education, joining a consortium led by EQT. The deal, featuring other top investors like Neuberger Berman and Canada Pension Plan Investment Board, highlights growing investor interest in the education sector. Nord Anglia operates over 80 schools in 33 countries. Mubadala's strategy aligns with global trends and Gulf funds' interest in resilient, non-cyclical sectors.

ADNOC gets access to German firm Covestro's books after $12.5-bn takeover offer

VCCircle

VCCircle · 1y ago

ADNOC gets access to German firm Covestro's books after $12.5-bn takeover offer

ADNOC, the Abu Dhabi National Oil Co, has been given access to Covestro's books after raising its takeover offer to 11.7 billion euros ($12.5 billion). Covestro, a German chemicals firm, has agreed to enter concrete negotiations with ADNOC, indicating that a deal could be reached. The improved offer comes after more than a year of discussions between the two companies. ADNOC has been actively pursuing European targets and recently agreed to acquire OCI's stake in Fertiglobe for $3.6 billion.

Abu Dhabi AI company Presight takes majority stake in tech venture AIQ

VCCircle

VCCircle · 1y ago

Abu Dhabi AI company Presight takes majority stake in tech venture AIQ

Presight AI Holding has acquired a majority stake in AIQ, a joint venture between Abu Dhabi National Oil Company (ADNOC) and G42. Presight now holds a 51% stake in AIQ, while ADNOC retains a 49% share, valuing the company at $1.4 billion. AIQ utilizes AI and machine learning to improve processes and profitability in the oil and gas industry. ADNOC's CEO, Sultan Al Jaber, will take over as AIQ chairman. There were discussions last year about a potential IPO for AIQ.

Abu Dhabi launches free Wi-Fi across emirate, including beaches, parks and buses

Startup News FYI

Startup News FYI · 1y ago

Abu Dhabi launches free Wi-Fi across emirate, including beaches, parks and buses

The Department of Municipalities and Transport (DMT) in Abu Dhabi has introduced free Wi-Fi at various public locations, including parks, beaches and buses. This initiative is part of Abu Dhabi's smart city development plan and aims to enhance its digital infrastructure. The service is being offered in collaboration with UAE service providers and allows for connectivity across different areas in Abu Dhabi. The move aligns with Abu Dhabi's commitment to innovation, inclusivity and sustainability as it strives to become a leading smart city.

Who owns how much stake in IPO-bound Avanse Financial?

Inshorts · 1y ago

Who owns how much stake in IPO-bound Avanse Financial?

Mumbai's Kedaara Capital, backing startups like Lenskart and Purplle, holds 13.82% of Avanse, making it the second-largest shareholder. The World Bank's IFC owns 11.36%, Abu Dhabi's Mubadala subsidiary Alpha Investment Company LLC holds 10.11%, and Kedaara Pichola has a 3.60% stake.

Abu Dhabi wealth fund ADQ, Orion team up to invest $1.2 bn in metals, mining

VCCircle

VCCircle · 7m ago

Abu Dhabi wealth fund ADQ, Orion team up to invest $1.2 bn in metals, mining

Abu Dhabi's sovereign wealth fund ADQ and Orion Resource Partners are forming a joint venture to invest $1.2 billion in the metals and mining sector. Based in Abu Dhabi, this 50-50 partnership will focus on emerging markets in Africa, Asia, and Latin America over four years. The investment will utilize various asset classes, including equity and debt. This initiative supports Abu Dhabi's economic diversification efforts by securing critical raw materials for future industries.

Germany's Aquila Group to open Middle East office in Abu Dhabi

VCCircle

VCCircle · 4m ago

Germany's Aquila Group to open Middle East office in Abu Dhabi

Hamburg-based Aquila Group is expanding to the Middle East by opening an office in Abu Dhabi, targeting growth opportunities in the Gulf region. The newly formed Aquila Capital Middle East will focus on investments in data centers and renewable energy projects. With 15.4 billion euros in assets, the firm highlights Abu Dhabi's growth prospects. They have preliminary approval from Abu Dhabi's financial center, ADGM, and await final clearance. The region's appeal draws global firms to ADGM.

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