Deals are still getting done and one of Abu Dhabi’s newest funds is behind two of the biggest ones this week. 2PointZero Group, a unit of International Holding Company, joined sovereign wealth funds Mubadala and Qatar Investment Authority to back fitness band maker WHOOP, valuing the Boston-based firm at $10.1 billion. On the same day, 2PointZero agreed to acquire US natural gas pipeline firm Traverse Midstream Partners for $2.25 billion. IHC has also bought into Indian mortgage lender Sammaan Capital in a $1 billion deal.
ADNOC and Austrian energy group OMV also closed their deal to create a massive global chemicals joint venture. The tie-up combines Abu Dhabi-listed Borouge and Europe’s Borealis, and they will also acquire Canada’s Nova Chemicals from Mubadala for $13.4 billion. The combined $60 billion venture will be the world’s fourth largest by production capacity.
Such deals fit in with Gulf governments’ efforts to maintain a business-as-usual approach — something many foreign firms have picked up on, so far maintaining their workforces in the region and pursuing investments and partnerships as they would in peacetime.