BlackRock and KKR Agreement With Lunate
Overview of the Transaction
BlackRock Inc. and KKR & Co. have sold their 40% stake in Adnoc’s oil pipeline network to an Abu Dhabi-based firm, marking a significant development in the investment landscape of Gulf state-owned energy companies.
Details of the Sale
The sale was made to an entity named Lunate, which manages $105 billion in assets, as stated in a recent announcement. While specific terms were not disclosed, previous reports by Bloomberg News suggested that the stake could have fetched over $4 billion, including debt.
Background on Adnoc and Lunate
Adnoc, the state energy firm of the United Arab Emirates and a major player in OPEC, almost exclusively handles the oil production in the country. The transaction with Lunate signifies a strategic move returning a significant portion of Adnoc’s oil pipeline network to Abu Dhabi.
Investment Dynamics and Players Involved
In 2019, KKR and BlackRock committed $4 billion to the business, marking a significant investment. Subsequently, Adnoc reduced its stake to about 51% by selling shares to Abu Dhabi Retirement Pensions & Benefits Fund and Singapore sovereign wealth fund GIC Pte.
Lunate emerges as a key player in Abu Dhabi's investment landscape, with significant backing from entities such as Chimera Investment LLC and ADQ. Chimera, part of Abu Dhabi’s business empire overseen by Sheikh Tahnoon bin Zayed Al Nahyan, plays a pivotal role in Lunate's capital commitments, as reported by Bloomberg.
Further Developments and Commitments
Sheikh Tahnoon bin Zayed Al Nahyan, a prominent figure in Abu Dhabi and the UAE's national security adviser, oversees various entities including ADIA and ADQ, both instrumental in Lunate's operations and future capital commitments.
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