KKR And BlackRock’s $4 Billion Pipeline Infrastructure Deal With UAE’s ADNOC

Simpson Thacher is representing KKR and BlackRock in connection with their announced pipeline infrastructure deal with the Abu Dhabi National Oil Company (ADNOC) for approximately $4 billion.

The transaction is expected to close mid-calendar year 2019 and is subject to certain regulatory approvals.

Funds managed by KKR and BlackRock will form a consortium to hold a 40% stake in a new entity called ADNOC Oil Pipelines, with ADNOC owning the rest. ADNOC Oil Pipelines will lease ADNOC’s interest in 18 pipelines, transporting crude oil and condensates across ADNOC’s upstream concessions for a 23-year period. The 18 pipelines have a total length of over 750 km and capacity of 13 million barrels per day. The Firm is representing the consortium on the financing of the acquisition and antitrust matters, as well as KKR in its equity investment in the consortium.

The Simpson Thacher team includes Clare Gaskell (Picture) and John Loubriel (M&A); Sinead O’Shea, Jason Lim and George Dyesmith (Credit); Jonathan Lindabury and Nathan Utterback (Derivatives); David Vann, Preston Miller and Megan Griffith (Antitrust); and Meredith Jones and Bill Smolinski (Tax).

Involved fees earner: George Dyesmith – Simpson Thacher & Bartlett; Clare Gaskell – Simpson Thacher & Bartlett; Megan Griffith – Simpson Thacher & Bartlett; Meredith Jones – Simpson Thacher & Bartlett; Jason Lim – Simpson Thacher & Bartlett; Jonathan Lindabury – Simpson Thacher & Bartlett; John Loubriel – Simpson Thacher & Bartlett; Preston Miller – Simpson Thacher & Bartlett; Sinead O’Shea – Simpson Thacher & Bartlett; William Smolinski – Simpson Thacher & Bartlett; Nathan Utterback – Simpson Thacher & Bartlett; David Vann – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: BlackRock; KKR;