Spitzt-Foto/iStock Editorial via Getty Images
Abu Dhabi National Oil Company said Thursday it has formally closed the acquisition of a 24.9% stake in Austrian oil and gas company OMV (OTCPK:OMVJF) from Abu Dhabi sovereign wealth fund Mubadala Investment Company.
Financial details were not disclosed, but previous speculation had flagged a value of more than €30B ($33B).
The state energy group said the deal has increased its shareholdings in both petrochemicals group Borealis and Abu Dhabi-listed Borouge, without disclosing the ownership ratios.
“The transaction accelerates delivery of Adnoc’s global chemicals growth strategy and reinforces its status as a responsible, long-term partner and growth-oriented investor,” Adnoc said.
