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Brookfield, BlackRock exit race for $10bn Aramco pipeline stake

Brookfield, BlackRock exit race for $10bn Aramco pipeline stake
The deal is expected to stand at more than $10 billion
SAUDI ARAMCO
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Riyadh – Mubasher: US-based asset manager BlackRock and Canadian Brookfield Asset Management are reportedly no longer in the race to buy equity in the Saudi Arabian Oil Company’s (Saudi Aramco) pipeline business, Reuters reporting citing two sources familiar with the matter on Tuesday.

The deal is expected to stand at more than $10 billion, having Apollo Global Management and New York-based Global Infrastructure Partners (GIP) among the remaining bidders.

China Investment Corp (CIC), the country’s sovereign wealth fund, was also bidding for Aramco’s assets, a third source told the news portal.

Aramco, Apollo, Brookfield, CIC declined to comment, while GIP did not respond to a Reuters request for comment.

Bloomberg earlier reported the news about the entities participating in the bidding process.

Aramco intends to sell as much as 49% stake and prepares a financing package by the seller that buyers can use to back their purchase.