KUALA LUMPUR, June 24 -- Global Infrastructure Partners (GIP) is among the world’s leading infrastructure investors and operators, sovereign wealth and pension funds, entering into an agreement with the Abu Dhabi National Oil Company (ADNOC).
The investor consortium which also includes Brookfield Asset Management, Singapore’s sovereign wealth fund GIC, Ontario Teachers’ Pension Plan Board, NH Investment & Securities and Snam, will invest in select ADNOC gas pipeline assets valued at US$20.7 billion. (US$1 = RM4.27)
The consortium will collectively acquire a 49 per cent stake in ADNOC Gas Pipeline Assets LLC (ADNOC Gas Pipelines), a newly-formed subsidiary of ADNOC with lease rights to 38 pipelines covering 982.3 kilometres, with ADNOC holding the 51 per cent majority stake.
According to a statement, ADNOC will lease its ownership interest in the assets to ADNOC Gas Pipelines for 20 years in return for a volume-based tariff subject to a floor and a cap.
The transaction will result in upfront proceeds of over US$10 billion to ADNOC and is subject to customary closing conditions and regulatory approvals.
The innovative transaction structure allows ADNOC to tap new pools of global institutional investment capital, whilst at the same time maintaining full operating control over the assets included as part of the investment.
Bank of America Securities, First Abu Dhabi Bank and Mizuho Securities acted as financial advisors to ADNOC while Moelis & Company acted as an independent financial advisor to ADNOC.
-- BERNAMA
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