Abu Dhabi’s ADNOC acquires 24.9% stake in OMV

Abu Dhabi National Oil Company (ADNOC) and Mubadala Investment Company (Mubadala) announced a transaction involving OMV AG (OMV), a global energy and chemicals group, headquartered and listed in Vienna, Austria.

Under the agreement, ADNOC will acquire a 24.9 per cent shareholding in OMV from Mubadala. Upon completion of the transaction, which is subject to certain closing conditions and regulatory approvals, ADNOC will own 24.9 per cent of OMV, Österreichische Beteiligungs AG (ÖBAG), an Austrian independent holding company, holding 31.5 per cent, with the remaining share capital in free float.

ADNOC will acquire a 24.9% shareholding in OMV from Mubadala, as we accelerate our ambitious domestic and international chemicals growth strategy.

— ADNOC Group (@ADNOCGroup) December 21, 2022

Through this investment in OMV, who hold a 75 per cent stake in Borealis, ADNOC will increase its shareholdings in both Borealis and Borouge, bolstering its footprint in the chemicals sector, enabling synergies and unlocking significant growth opportunities across its broader chemicals portfolio, in particular at Borouge.

The transaction marks the next major milestone for ADNOC as it accelerates its ambitious domestic and international chemicals growth strategy and also aligns with Mubadala’s long-term investment strategy.

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC MD and group CEO, said, “Building on the strong bilateral ties between the UAE and Austria, and our long-standing partnership with OMV, ADNOC is delighted to be acquiring a 24.9 per cent stake in OMV. As we continue to meet the growing global demand for lower carbon energy, we are fast-tracking the delivery of our growth strategy and expanding our footprint across key strategic markets and sectors. This milestone transaction, alongside our 25 per cent shareholding in Borealis, is testament to our focused investment in building an integrated chemicals platform to accelerate our ambitious growth strategy that will unlock significant growth opportunities across our broader chemicals portfolio, with a particular focus on creating distinctive value for Borouge and its shareholders.”

This transaction represents the latest milestone in ADNOC’s strategic growth and investment journey and reinforces ADNOC’s role as a primary catalyst for responsible, sustainable investment and value creation for Abu Dhabi and the UAE.

Khaldoon Khalifa Al Mubarak, MD and group CEO, Mubadala, said, “Mubadala has had a longstanding relationship with our Austrian partners, and we have worked together to develop a champion in the energy sector, OMV. This transaction is reflective of our strategy to monetise assets at the right valuation and at the right time.

He added, “2022 has been a year of increased activity and strategic investment across Mubadala, in sectors and geographies all over the world. We will continue to partner with best-in-class entities as we diversify our investment base and expand our growth trajectory.”

This transaction cements the strong ties between the UAE and Austria, and creates long-term value for ADNOC, Mubadala and OMV.