Thursday, July 18, 2024

Abu Dhabi Investments buys 10% stake in Sembra Energy for $ 1.8 billion


Energy infrastructure company Sembra Energy announced on Tuesday that it will sell a 10 percent stake in its Sembra Infrastructure Partners unit.

Sembra Energy, a US-based company, said it would sell the shares to the Abu Dhabi Investment Authority for $ 1.785 billion per unit.

The company said it would use the proceeds from the sale to capitalize on its facilities and repurchase $ 500 million worth of shares.

Sembra Energy expects the deal with the United Arab Emirates’ largest sovereign property fund to close next year.

In April, the company agreed to sell 20% of its stake to US global investment firm KKR for $ 3.37 billion.

Source: Reuters

See also  Gulf stock markets rise on rising oil prices
Nadia Barnett
Nadia Barnett
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