Mizuho Securities USA and Mizuho Securities Asia are proud to have acted as joint financial advisors to Abu Dhabi National Oil Company ("ADNOC") on the sale of a US$10.1 billion stake in ADNOC Gas Pipeline Assets LLC to a consortium of leading investors including Global Infrastructure Partners, Brookfield Asset Management, GIC, Ontario Teachers Pension Plan, NH Investment & Securities and Snam.
Mizuho Bank, Ltd. provided acquisition financing as coordinator and senior mandated lead arranger.
The agreement, valued at US$20.7 billion, will see the consortium collectively acquire a 49% stake in ADNOC Gas Pipeline Assets LLC, a newly formed subsidiary of ADNOC with lease rights to 38 pipelines covering a total of 982.3 kilometres, with ADNOC holding a 51% majority stake.
The innovative transaction structure allows ADNOC to tap new pools of global institutional investment capital, whilst at the same time maintaining full operating control over the assets included as part of the investment. For ADNOC’s partners, this transaction represents a unique opportunity to invest in quality energy infrastructure assets. This milestone agreement reinforces ADNOC’s focus and role as a catalyst for responsible and sustained investment and value creation for Abu Dhabi and the UAE.
ADNOC operates across the entire hydrocarbon value chain, through a network of fully-integrated businesses, with interests that range from exploration, production, storage, refining and distribution, to the development of a wide-range of petrochemical products. For over 46 years, ADNOC has played an integral role in Abu Dhabi’s economic development, managing, producing and preserving the Emirate’s hydrocarbon reserves on behalf of the Abu Dhabi Government.
We are proud to have been involved in this landmark transaction for ADNOC and the United Arab Emirates.