KKR acquired a minority stake in the lessor of ADNOC’s gas pipelines as the global investment firm makes a Gulf push and appetite grows among the region’s energy majors to do deals with foreign investors.
Under Middle East Chairman David Petraeus, KKR has been adding headcount and eyeing infrastructure in the region. The company, with $90 billion in global infrastructure assets, this year acquired a stake in Dubai-based Gulf Data Hub and committed to drawing more than $5 billion in total investment to expand data center capacity.
The ADNOC deal’s value was not disclosed. The Abu Dhabi oil company will keep ownership and operational management of its infrastructure. Similarly, Saudi Aramco agreed to an $11 billion lease and leaseback deal in August for its Jafurah gas processing facilities with a consortium led by BlackRock’s Global Infrastructure Partners.