Deals
BlackRock, KKR Sell Adnoc Oil Pipeline Stake Back to Abu Dhabi
- BlackRock, KKR sell 40% stake in Adnoc oil pipelines to Lunate
- Latest deal comes five years after firms bought into the asset
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BlackRock Inc. and KKR & Co. sold their 40% stake in Adnoc’s oil pipeline network to an Abu Dhabi-based firm five years after acquiring the asset in a deal that marked the first investment by foreign asset managers in the infrastructure of a Gulf state-owned energy company.
The firms sold their holdings to an entity called Lunate, which has $105 billion of assets under management, according to a statement. Terms weren’t disclosed, though Bloomberg News has previously reported that the stake could fetch more than $4 billion including debt.