Mubadala Investment has signed an agreement with OMV, the global oil and gas company based in Vienna, under which OMV will acquire 39% of Mubadala’s share in Borealis, One of Europe's leading petrochemical companies.
According to the Emirates News Agency, OMV will acquire the majority stake in Borealis, as its stake will rise from 36% today to 75%.
The total value of the deal is $ 4.68 billion, making it the largest acquisition in the history of OMV .. After completing the deal, the OMV stake in Borealis will rise to 75%, while Mubadala will maintain 25%, and it is expected to complete the transaction during the last quarter of This year after obtaining the required approvals from the relevant regulatory authorities.
Khaldoun Al Mubarak, Group CEO and Managing Director of Mubadala Investment Company, said: The announcement comes today as the culmination of several months of intense negotiations between OM Fumada, where we are witnessing the signing of a huge billions of dollars, which is the largest single deal in the history of both companies. The transaction is also in line with a long-term swap strategy.
For his part, Musabah Al-Kaabi, CEO of the Petroleum and Petrochemicals Sector at Mubadala said: “We are delighted to have reached this agreement with OMV.
This transaction is in line with Mubadala’s strategy to invest the right opportunities to achieve the highest investment returns on its portfolio.
Al-Kaabi added: We have very great confidence in Borealis as a leader in its business sector, and we will continue to maintain a large stake in the company through our direct stake of 25% of the company in addition to our current contribution of 24.9% in OMV. As one of the major shareholders of OMV, we are aware of the strategic importance of this deal for OMV in terms of enhancing the company's competitive position in the refining and petrochemical sector.
For his part, Rainer Sell, CEO and CEO of OMV said: This deal constitutes a new milestone in the implementation of the OMV strategy, based on its value as the largest shift in the history of the company, and that would contribute to transforming the OMV company from A company focused on oil, gas and chemicals, into a prominent international group in the fields of energy and raw materials, and its business model extends across the entire value chain from exploration and production to high-quality plastic production, and also contributes to transforming the company's direction towards a low-carbon future.
It is worth noting that Borealis, which has its headquarters in the Austrian capital Vienna, has about 6,800 employees, and operates in more than 120 countries and provides services and products to its clients across the world through its current projects in Europe and through Bruges, a joint venture with an oil company Abu Dhabi National ADNOC, and with Bystar, the joint venture with Total in Texas, United States. <...
