2020 - 2021 Exhibitions
OMV acquires majority stake in Borealis for US$4 bn
Mubadala Investment Company, the Abu Dhabi-based strategic investment company, and OMV, oil and gas company headquartered in Vienna, have signed an agreement that will give OMV a majority stake in petrochemical firm Borealis. OMV, which currently owns a 36% stake in Borealis, will acquire an additional 39% from Mubadala. It comes after several months of discussions between OMV and Mubadala.
The overall transaction value amounts to US$4.68 billion. It represents the biggest acquisition in OMV’s history and the largest single transaction ever for Mubadala. Following completion, OMV will hold a 75% interest in Borealis and Mubadala will retain a 25% interest. The transaction is expected to close in Q4 2020 and is subject to regulatory approvals.
Musabbeh Al Kaabi, CEO, Petroleum & Petrochemicals, Mubadala: “We remain very confident in Borealis as a leading company in its sector. We will continue to hold a significant interest in the company, through the direct 25% interest that we will retain, along with our existing 24.9% shareholding in OMV. As a significant shareholder in OMV, we recognise the strong strategic fit and the complementary nature of Borealis’s business in expanding its downstream position.”
With its head office in Vienna, Austria, Borealis currently has more than 6,800 employees and operates in over 120 countries. The company provides services and products to customers globally, both directly and in collaboration with Borouge, a joint venture with the Abu Dhabi National Oil Company (ADNOC) and with Baystar, a joint venture with Total in Texas, US.
(PRA)
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