BREAKING NEWS

BREAKING NEWS

BlackRock, KKR plan $4 billion-$5 billion investment in ADNOC pipeline unit - FT

BlackRock, KKR plan $4 billion-$5 billion investment in ADNOC pipeline unit - FT
FILE PHOTO: General view of the ADNOC headquarters (L) and Emirates Towers (R) are seen in Abu Dhabi, United Arab Emirates, December 23, 2018. REUTERS/Hamad I Mohammed -
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Hamad I Mohammed(Reuters)
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(Reuters) - U.S. investment firms BlackRock Inc and KKR & Co Inc are in advanced talks to take a $4 billion to $5 billion (3.06-3.83 billion pounds)stake in Abu Dhabi National Oil Co's (ADNOC) pipeline network, the Financial Times reported on Tuesday.

The deal could be signed as early as next week, the newspaper reported, citing people briefed on the matter.

State-owned ADNOC was looking to sell a stake in its multibillion-dollar pipeline infrastructure assets, Reuters had reported in early October.

ADNOC has started a major transformation drive in the past two years to make it more competitive and commercially focused like other state-owned peers, selling and listing stakes in parts of its business.

BlackRock and KKR did not immediately respond to a Reuters request for comment, while ADNOC declined to comment.

(Reporting by Diptendu Lahiri in Bengaluru)

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