Linklaters acts for Eni on its acquisition from ADNOC of a 20% equity interest in ADNOC Refining in Abu Dhabi

Linklaters acted for Eni on its agreement to acquire from ADNOC a 20% equity interest in ADNOC Refining. The agreed terms for the 20% equity interest acquired by Eni include a cash price of approximately US$3.3 billion (based on an enterprise value of US$3.9 billion for Eni’s share). As part of the transaction, Eni also agreed to establish a trading joint venture with the same shareholding interests as ADNOC Refining.

The deal is one of the largest ever refinery transactions and reflects the scale, quality, and growth potential of ADNOC Refining’s assets, coupled with an advantageous location from which to supply markets in Africa, Asia and Europe.

The Linklaters team was jointly led by partners Mark Russell (London) and Nicholas Edwards (Abu Dhabi).