Snam to sell stake in ADNOC gas pipelines to Abu Dhabi's Lunate
The deal is in line with the Italian group's long-term strategy to strengthen its role in Europe and reduce exposure to assets not located along the key European energy corridors.
"The sale of the stake in ADNOC Gas Pipelines is consistent with the recently presented strategic plan, which focuses on the development of a pan-European multi-molecule infrastructure," Snam's CEO Stefano Venier said in a statement.
ADNOC Gas Pipelines, a subsidiary of Abu Dhabi National Company (ADNOC), has lease rights to 38 pipelines covering a total of 982 km (610 miles) across the United Arab Emirates.
Snam acquired an indirect stake of nearly 6% in the company in 2020, along with other consortium partners, including international funds GIP, GIC, Brookfield Asset Management, Ontario Teachers' Pension Plan Board and NH Investment & Securities, through Galaxy Pipeline Assets HoldCo Limited.
Snam did not provide any figure for the financial value of the transaction.
According to a source, the finalisation of the deal will result in a capital gain for Snam.
(Reporting by Francesca Landini, editing by Cristina Carlevaro and Tomasz Janowski)
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