Abu Dhabi’s Mubadala and OMV seal $4.68bln Borealis stake deal

Abu Dhabi’s Mubadala and OMV seal $4.68bln Borealis stake deal

UAE - Mubadala Investment Company, the Abu Dhabi-based strategic investment company, on Thursday completed the transaction for Vienna-based oil and gas company OMV to acquire for $4.68 billion an additional 39 per cent stake in Borealis, , a leading global chemicals company, from Mubadala.Following the initial agreement announced in March this year, the transaction was completed in line with the expected timeline and in accordance with all regulatory requirements, the two companies said in a statement.As per the deal, OMV is entitled to all dividends in relation to the additional shares in Borealis distributed after December 31, 2019. “OMV will fully consolidate the results of Borealis in its financial statements.”In 2019, Borealis generated total sales of EUR 9.8 billion and a net profit of EUR 872 million. The operating cash