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OMV, Mubadala complete Borealis transaction

OMV, Mubadala complete Borealis transaction
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Abu Dhabi – Mubasher: The Abu Dhabi-based Mubadala Investment Company, and OMV, an international oil and gas company headquartered in Vienna, have completed the transaction for OMV to acquire an additional 39% stake in Borealis, a global chemical company, from Mubadala.

The transaction was completed in line with the expected timeline and in accordance with all the regulatory requirements, following the initial agreement announced in March 2020.

OMV now holds a 75% interest in Borealis and Mubadala retains a 25% interest in the company.

OMV is entitled to all dividends in relation to the additional shares in Borealis distributed after 31 December 2019. OMV will fully consolidate the results of Borealis in its financial statements.

In 2019, Borealis generated worldwide total sales of EUR 9.8 billion and a net profit of EUR 872 million.

This transaction is well aligned with our strategy as a responsible investor and we are confident in the value this partnership will create for all three companies. Both OMV and Borealis are champions of the Mubadala portfolio, and this decision is consistent with our asset management model and our commitment to our partners. We are aligned with OMV’s strategy to expand their value chain and support their growth in the chemicals space globally,” said Musabbeh Al Kaabi, CEO, Petroleum & Petrochemicals, Mubadala Investment Company.

Meanwhile, Rainer Seele, Chairman of the OMV Executive Board and CEO, remarked that “this transaction is another milestone in the implementation of our strategy. We are thus establishing an integrated and sustainable business model extending OMV’s value chain towards higher-value chemical products and recycling, thereby repositioning the Group for a lower carbon future.”