Lunate Targets ADNOC Gas Pipelines Minority Stake Acquisition
Deal News | Jan 28, 2025 | Finance Community IT - 3 Private Equity
Lunate, an Abu Dhabi-based alternative investment fund with $105 billion in assets under management, has submitted an offer to acquire the minority stake in ADNOC Gas Pipelines, indirectly owned by Snam, Europe's leading gas infrastructure operator. Rothschild & Co served as Lunate's advisor through a team led by Alessandro Bertolini Clerici and Edoardo Fassati. The transaction awaits the signing of the respective purchase agreement and possible shareholder rights exercise. It will be executed through Lunate's Long-Term Capital Fund I, focusing on attractive cash returns and long-term capital appreciation. ADNOC Gas Pipelines, a subsidiary of ADNOC, manages 38 pipelines over 982 kilometers in the UAE, representing a strategic asset providing stable cash flows and crucial contributions to the UAE's energy infrastructure strategy. Snam acquired its stake in 2020 through a consortium and has added value with its industrial expertise and innovative natural gas solutions.
Sectors
- Energy
- Private Equity
- Financial Services
Geography
- United Arab Emirates – ADNOC Gas Pipelines operates directly within the UAE, making it the primary geography for the article's focus.
- Italy – Snam, the selling company, is based in Italy and plays a significant role in this transaction.
Industry
- Energy – ADNOC Gas Pipelines are involved in the management and operation of gas infrastructure, a key sector within the energy industry.
- Private Equity – Lunate's offer to acquire a minority stake in ADNOC Gas Pipelines is a transaction involving alternative investment funds, characteristic of private equity activities.
- Financial Services – Rothschild & Co's advisory role in this deal is indicative of the financial services industry, particularly in investment banking.
Financials
- 105 billion USD – Assets under management by the bidding company, Lunate.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Lunate | Bidding Company | Company | An alternative investment fund based in Abu Dhabi with $105 billion in assets under management. |
| ADNOC Gas Pipelines | Target Company | Company | A subsidiary of ADNOC, operating 38 pipelines over 982 kilometers within the UAE. |
| Snam | Selling Company | Company | Europe's leading gas infrastructure operator, indirectly owning the minority stake in ADNOC Gas Pipelines. |
| Rothschild & Co | Advisor | Company | An investment bank advising Lunate in the acquisition of a minority stake in ADNOC Gas Pipelines. |
| Global Infrastructure Partners | Consortium Member | Company | Part of the consortium through which Snam acquired its stake in ADNOC Gas Pipelines. |
| GIC | Consortium Member | Company | A member of the consortium involved in the original acquisition by Snam. |
| Brookfield Asset Management | Consortium Member | Company | Another member of the consortium involved in the original acquisition by Snam. |
| Ontario Teachers Pension Plan Board | Consortium Member | Company | A member of the consortium in Snam's acquisition in 2020. |
| NH Investment & Securities | Consortium Member | Company | Part of the consortium through which Snam gained its stake in ADNOC Gas Pipelines. |