A consortium of some of the biggest investors in the infrastructure space have struck a $20.7 billion pipeline deal with the Abu Dhabi National Oil Co. (ADNOC), marking one of the largest global energy infrastructure transactions to date.
The consortium consists of investors from Global Infrastructure Partners, Brookfield Asset Management, Singapore’s sovereign wealth fund GIC, Ontario Teachers’ Pension Plan Board, NH Investment & Securities, and Snam.
Under the agreement, the consortium will collectively acquire a 49 percent stake in ADNOC Gas Pipeline Assets, a new subsidiary of ADNOC with lease rights to 38 pipelines. ADNOC will hold the remaining 51 percent majority stake.
The gas pipeline network connects ADNOC’s upstream assets to local UAE off-takers.
As part of the deal, ADNOC will lease its ownership interest in the assets to ADNOC Gas Pipelines for 20 years in return for a volume-based tariff subject to a floor and a
