ADNOC $5.5 Bln Deal With Apollo-Led Consortium
Abu Dhabi National Oil Company (ADNOC) gas entered into a $5.5 billion real estate investment partnership with a consortium led by Apollo Global Management Inc. The transaction will result in upfront proceeds of $2.7 billion and is expected to close before year-end. The strategic investment will leverage the rental income streams from select ADNOC real estate assets under a 24-year master lease agreement. ADNOC will retain a 51% majority stake, maintaining full ownership and control over the select real estate and social infrastructure assets. The deal comes as the world's top oil and gas companies, including ADNOC, try to control costs in response to the coronavirus pandemic that has reduced oil demand and prices.
Tags : INTERNATIONAL