Austria’s OMV announced 23 September the sale of a 51% stake in its gas pipelines subsidiary Gas Connect Austria to Austrian utility Verbund. OMV says the €271mn ($316mn) raised will help fund the $4.68bn purchase, agreed earlier this year (MEES, 13 March), of an additional 39% of Vienna-based petchems firm Borealis from Abu Dhabi investment fund Mubadala.
The deal agreed in March will increase OMV’s Borealis stake from 36% to 75% while reducing Mubadala’s from 64% to 25%. The transaction, expected to be completed in late-2020, was described by Mubadala chief executive Khaldoon Al Mubarak as “the largest in both Mubadala and OMV’s history”. (CONTINUED - 149 WORDS)