Abu Dhabi's ADNOC adds Goldman Sachs to lead banks on drilling IPO | Reuters
Abu Dhabi National Oil Company (ADNOC) has added Goldman Sachs (GS.N) to a lead role on the initial public offering of its drilling unit, sources said, in the bank's first such high-profile deal in the emirate since 2019.
Goldman Sachs' investment banking unit was sidelined from any new business from Abu Dhabi two years ago after state fund Mubadala's subsidiary filed a lawsuit against it to recover losses suffered through its dealings with Malaysia's fund 1MDB.
Goldman Sachs will work on ADNOC Drilling's public share-sale as global coordinator, joining a large syndicate of advisors on the deal, said two sources familiar with the matter.
ADNOC, which supplies nearly 3% of global oil demand, and Goldman Sachs declined to comment.
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