Abu Dhabi Said to Near Pipeline Stake Sale to GIP-Backed Group - Bloomberg:
Abu Dhabi’s state-owned energy producer is close to selling a multibillion-dollar stake in its natural gas pipelines to an investor group backed by Global Infrastructure Partners and Brookfield Asset Management Inc., in what is set to be one of the year’s biggest infrastructure deals.
The buyers could sign an agreement with Abu Dhabi National Oil Co. for a 49% stake in the pipelines this month, according to people with knowledge of the matter, who asked not to be identified as discussions are private. A deal could value the pipelines at more than $15 billion, including debt, they said said.
Equity financing has been arranged and the bidders are negotiating the terms of a debt package with banks, the people said. While discussions are advanced and ongoing, the timing and valuation could still change, according to the people.
The GIP consortium also includes Italian infrastructure operator Snam SpA, Ontario Teachers’ Pension Plan, Singapore sovereign fund GIC Pte and South Korea’s NH Investment & Securities Co.
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