UAE's Mubadala completes $4.6bn deal to sell stake in chemical giant - Arabianbusiness
Mubadala Investment Company, the Abu Dhabi-based strategic investment company, on Thursday completed a deal to sell an additional 39 percent stake in Borealis to OMV, an oil and gas company headquartered in Vienna.
OMV now holds a 75 percent interest in Borealis and Mubadala retains a 25 percent interest in the global chemical company.
The transaction value amounts to $4.68 billion and represents the biggest acquisition in OMV’s history and the largest transaction ever for Mubadala.
Under the deal, OMV is entitled to all dividends in relation to the additional shares in Borealis distributed after December 31, 2019. In 2019, Borealis generated worldwide total sales of 9.8 billion euros and a net profit of 872 million euros.
Musabbeh Al Kaabi, CEO, Petroleum & Petrochemicals, Mubadala Investment Company, said: "This transaction is well aligned with our strategy as a responsible investor and we are confident in the value this partnership will create for all three companies."
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