BlackRock, KKR Sell Adnoc Oil Pipeline Stake to Abu Dhabi Firm

An Abu Dhabi-based alternate investment fund has bought a 40% stake in Adnoc’s oil pipeline network from BlackRock Inc. and KKR & Co.

Lunate, which is backed by sovereign wealth fund ADQ, acquired the stake, according to a statement Wednesday. The firm didn’t disclose terms, though Bloomberg News has previously reported that the stake could fetch more than $4 billion including debt.

BlackRock and KKR bought their stake in Adnoc Oil Pipelines five years ago in what was the first investment by foreign asset managers in the infrastructure of a state-owned oil producer in the Middle East.

Adnoc is ...