ADNOC Weighs Stake Sale in Gas Unit, Potential Multi-Billion Dollar Deal: Report
ADNOC is reportedly considering selling a 3-5% stake in its gas unit, potentially worth billions, amid strategic reviews. The deal could be announced soon, pending market conditions.
(Reuters) — United Arab Emirates energy giant Abu Dhabi National Oil Co. (ADNOC) is considering selling 3-5% of Adnoc Gas, Bloomberg News reported on Friday, citing people familiar with the matter.
The deal, which could be worth billions of dollars, is expected to be announced in the coming days, according to the Bloomberg report.
No final decisions have been made on the size or timing, and the company could decide against an offer if market conditions are not favorable, Bloomberg reported.
ADNOC and Adnoc Gas did not immediately respond to Reuters' requests for comment.
ADNOC raised $935 million in May by selling a 5.5% stake in its drilling unit to institutional investors.