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ADNOC Gas Pipeline Assets Portfolio (49%) Sale

Model Audit

15th July 2020

DWPF provided model audit advice to Galaxy Pipeline Assets Bidco Limited on the financing of the acquisition of a 49% stake in ADNOC’s Gas Pipeline Assets Portfolio.


The Abu Dhabi state-owned oil company’s portfolio included a 600km natural gas liquids pipeline, a 400km natural gas pipeline, and an LNG pipeline.


The sale fetched an enterprise value of USD 10bn, including roughly USD 2bn of equity and around USD 8bn of debt.