BlackRock, Snam Said to Bid for Stake in Adnoc Gas Pipelines - Bloomberg

BlackRock, Snam Said to Bid for Stake in Adnoc Gas Pipelines - Bloomberg:

BlackRock Inc., KKR & Co. and Italian infrastructure operator Snam SpA are among suitors that made initial bids for a stake in Abu Dhabi National Oil Co.’s natural gas pipelines, which could be valued at about $15 billion, people familiar with the matter said.

They’re competing with other bidders including Australian fund manager IFM Investors Pty and Ontario Teachers Pension Plan that submitted first-round offers in recent days, according to the people. Global Infrastructure Partners and Singapore sovereign fund GIC Pte have also expressed initial interest in acquiring a stake in the business, the people said, asking not to be identified because the information is private.

The Abu Dhabi state energy giant is deciding when to set a timeline for the next round of offers, the people said. Travel restrictions have made in-person meetings and due diligence visits more difficult, and other sale processes have been held up as tightening credit markets hampered bidders’ access to funding.

Some bidders are expected to team up as they proceed in the bidding, the people said. Adnoc is seeking to sell as much as 49% of the business through a lease structure, according to the