Snam Completes Sale of Minority Stake in ADNOC Gas
Deal News | Mar 28, 2025 | Legal Community Italy
Snam, an Italian energy infrastructure company, has finalized the sale of its 5.88% indirect minority interest in ADNOC Gas Pipelines. The stake was acquired by Lunate, a global alternative investment fund based in Abu Dhabi with assets under management of $105 billion. The announcement follows the January 28, 2025, acceptance of Lunate's binding offer and the March 5 signing of the sale agreement. The transaction totaled approximately €234 million and aligns with Snam's focus on developing multi-molecule infrastructure along key European energy corridors. Legal assistance in the transaction was provided by Dentons, with a team led by Luigi Costa, and Maples and Calder (Jersey) LLP, which handled Jersey law aspects.
Sectors
- Energy
- Legal Services
- Private Equity
Geography
- Italy – Snam, the company selling its stake, is based in Italy.
- United Arab Emirates – ADNOC Gas Pipelines, the company involved in the sale, operates in the UAE.
- Abu Dhabi – Lunate, the acquiring investment fund, is based in Abu Dhabi.
Industry
- Energy – The article involves Snam, an energy infrastructure company, and ADNOC Gas Pipelines, indicating the relevance of the energy sector.
- Legal Services – The transaction required legal expertise, involving firms like Dentons and Maples and Calder (Jersey) LLP, highlighting the role of legal advisory services in such deals.
- Private Equity – Lunate, a global alternative investment fund, is acquiring the stake, indicating involvement of the private equity sector.
Financials
- €234 million – The sale price for Snam's 5.88% stake in ADNOC Gas Pipelines.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Snam | Vendor | Company | Italian energy infrastructure company selling its minority stake in ADNOC Gas Pipelines. |
| ADNOC Gas Pipelines | Target | Company | Company owning pipeline management rights in UAE, with Snam selling its stake. |
| Lunate | Buyer | Company | Global alternative investment fund based in Abu Dhabi acquiring the minority stake. |
| Dentons | Legal Advisor | Company | Law firm providing legal assistance to Snam in the transaction. |
| Maples and Calder (Jersey) LLP | Legal Advisor | Company | Law firm handling Jersey law aspects for the transaction. |