Abu Dhabi investor Lunate said on Wednesday it had bought a 40% stake from private equity firms BlackRock (BLK.N), opens new tab and KKR (KKR.N), opens new tab in the entity that leases Abu Dhabi National Oil Company's (ADNOC) oil pipelines.
The terms of the deal were not disclosed. The transaction returns the stake to local hands after the two U.S funds bought it for $4 billion in 2019, becoming the first foreign investors to acquire infrastructure assets of a Gulf national oil company.
It highlights how Abu Dhabi, home to three wealth funds that collectively manage about $1.4 trillion of assets and positions itself as the "Capital of Capital", is creating a new national champion in the alternative investments sector with Lunate.
Alternative investments are in areas such as private equity and infrastructure, rather than traditional financial instruments such as equities and bonds.
No comments:
Post a Comment