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ADNOC Acquires 24.9% Stake in OMV

ADNOC shareholdings in Borealis and Borouge will increase through OMV investment, accelerating delivery of  its global chemicals expansion strategy

Strategic investment delivers further synergies and unlocks significant growth opportunities across ADNOC’s chemicals portfolio, while driving value creation specifically within Borouge 
 
Transaction aligns with ADNOC’s ambitious international growth strategy and Mubadala’s long-term investment strategy

Transaction cements strong bilateral ties between the UAE and Austria, creating long-term value for all stakeholders

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Abu Dhabi, UAE – December 21, 2022: Abu Dhabi National Oil Company (ADNOC) and Mubadala Investment Company (Mubadala) today 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% shareholding in OMV from Mubadala. Financial details of the transaction are not being disclosed.

Upon completion of the transaction, which is subject to certain closing conditions and regulatory approvals, ADNOC will own 24.9% of OMV, Österreichische Beteiligungs AG (ÖBAG), an Austrian independent holding company, holding  31.5%, with the remaining share capital in free float. Through this investment in OMV, who hold a 75% 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.

Commenting on the transaction, His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO said: “Building on the strong bilateral ties between the UAE and Austria, and our long-standing partership with OMV, ADNOC is delighted to be acquiring a 24.9% 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% 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.

His Excellency Khaldoon Khalifa Al Mubarak, Managing Director 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 monetize assets at the right valuation and at the right time.

“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 United Arab Emirates (UAE) and Austria, and creates long-term value for ADNOC, Mubadala and OMV.  

Release Details

December 21, 2022
Abu Dhabi

About ADNOC

ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification. To find out more, visit www.adnoc.ae

For media inquiries please contact:

Oliver Thompson
Manager, Financial Communications
media@adnoc.ae

About Mubadala

Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi. 

Mubadala’s $243.4 billion portfolio spans six continents with interests in multiple sectors and asset classes. Mubadala leverages its deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.   
 
Headquartered in Abu Dhabi, Mubadala has offices in London, Rio de Janeiro, Moscow, New York, San Francisco, and Beijing.

For more information about Mubadala Investment Company, please visit: www.mubadala.com 

For media inquiries, please contact:

Jonathan Shore
Head of Communications, Direct Investments
jshore@mubadala.ae