Mubadala Investment Company has announced the signing of an agreement with the global integrated oil and gas company OMV, which is based in Vienna, in which OMV will acquire 39% of Mubadala’s share in Borealis, one of the leading petrochemical companies in Europe And, in this way, OMV acquires a majority stake in Borealis, where its share will rise from 36% today to 75%.

A statement issued yesterday said that the total value of the deal amounts to 4.68 billion dollars (about 17.175 billion dirhams), which makes it the largest acquisition in the history of «OMV».

After completing the deal, the OMV stake in Borealis will rise to 75%, while Mubadala will maintain 25%. The transaction procedures are expected to be completed during the last quarter of this year after obtaining the required approvals from the relevant regulatory authorities.

"The announcement of the deal comes as a culmination of several months of intense negotiations between (OMV) and (Mubadala), where we are witnessing the signing of a huge deal in the billions of dollars, which is the largest single deal in the history of Both companies, as this transaction is consistent with the long-term Mubadala strategy. ”

In turn, the CEO of the petroleum and petrochemical sector at the Mubadala Company, Musabah Al-Kaabi, said: “We are happy to reach this agreement with OMV, and this transaction is in line with (Mubadala) strategy that aims to invest the appropriate opportunities to achieve the highest investment returns on its portfolio ».

Al-Kaabi added, “Our confidence is very great in (Borealis) as a leader in its business sector, and we will continue to maintain a large stake in the company through our direct stake of 25% of the company, in addition to our current contribution of 24.9% in (OMV).”

He continued: «As one of the main shareholders of (OMV), we are aware of the strategic importance of this deal for (OMV) in terms of strengthening the company's competitive position in the refining and petrochemical sector.

For his part, Rainer Sell, CEO and CEO of “OMV” said, “This deal marks a new milestone in the implementation of OMV’s strategy, based on its value as the largest shift in the history of the company, and it will contribute to Converting OMV from a company that focuses on oil, gas and chemicals, to a prominent international group in the fields of energy and raw materials, and its business model extends throughout the entire value chain from exploration and production to high-quality plastic production, and also contributes to shifting the company's direction towards a low future Carbon ».

Borealis

The company "Borealis", which is based in the Austrian capital Vienna, has a headquarters of about 6800 employees, and operates in more than 120 countries.

Borealis provides its services and products to its clients all over the world through its current projects in Europe, and through "Bruges", a joint venture with Abu Dhabi National Oil Company "ADNOC", and with "Bystar", the joint venture with "Total" company in Texas, USA.

75%

OMV's stake in Borealis after completing the deal.

The transaction procedures are expected to be completed during the last quarter of this year.