Integrated oil and gas company OMV has completed a transaction with Abu Dhabi-based strategic investment company Mubadala to acquire an additional 39% stake in global chemical company Borealis.
The agreement was initially signed in March this year. It has been completed as per the expected deadline and in accordance with all regulatory requirements. The deal is valued at $4.68bn.
With the completion of this deal, OMV now holds a 75% interest in Borealis while Mubadala retains the remaining 25% interest in the company.
OMV executive board chairman and CEO Rainer Seele said: “This transaction is another milestone in the implementation of our strategy. We are thus establishing an integrated and sustainable business model extending OMV’s value chain towards higher value chemical products and recycling, thereby repositioning the group for a lower carbon future.”
Currently, Borealis operates across 120 countries and has more than 6,800 employees.
Mubadala Investment Company Petroleum & Petrochemicals CEO Musabbeh Al Kaabi said: “This transaction is well-aligned with our strategy as a responsible investor and we are confident in the value this partnership will create for all three companies.
“Both OMV and Borealis are champions of the Mubadala portfolio, and this decision is consistent with our asset management model and our commitment to partner with like-minded players.”
In July last year, OMV said it will invest €64m in the construction of an ISO C4 plant at the Burghausen refinery in Germany.
By Chemicals-Technology.com
Source: Chemicals-Technology.com
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