Ex-Banker Leading Adnoc’s M&A Push Says Deal Spree Will Continue - Bloomberg

Ex-Banker Leading Adnoc’s M&A Push Says Deal Spree Will Continue - Bloomberg

Abu Dhabi National Oil Co., the state oil giant that underpins the United Arab Emirates’s booming economy, has become one of the energy industry’s busiest dealmakers as it looks to go global.

But in recent months stalled deals prompted speculation that Adnoc had lost momentum. Not so, says Klaus Froehlich, the former Morgan Stanley banker spearheading most of Adnoc’s international expansion plans.

While the company will always be disciplined, it’s “full throttle ahead” with its expansion and is pursuing a “healthy deal pipeline,” Froehlich, Adnoc’s chief investment officer, said in a rare interview earlier this month.

“Adnoc is executing on its plan and creating a portfolio of businesses across key verticals in gas, LNG, chemicals as well as renewables and little by little, the puzzle is now coming together,” he said.

Adnoc Chief Executive Officer Sultan Al Jaber has transformed the country’s top oil producer in the last few years. He has brought billions of dollars into the firm by selling shares in some of its key units and got international investors such as Brookfield Asset Management and KKR & Co to put money in the company’s infrastructure. Al Jaber is also the main architect behind Adnoc’s international expansion plan.

The energy giant has announced a series of acquisitions as part of a plan to invest $150 billion by 2027 to expand its footprint at home and spread its international reach.