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Abu Dhabi National Oil Co. (ADNOC) said on Friday it will acquire 25 percent shareholding in Austrian petrochemical company Borealis AG from Mubadala Investment Co., an Abu Dhabi sovereign wealth fund.
No financial details of the transaction were disclosed.
Upon completion of the transaction Borealis will be 25 percent owned by ADNOC and 75 percent by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on the Vienna Stock Exchange.
Borealis is a global provider of advanced and circular polyolefin solutions. It is already a joint venture partner with ADNOC in Borouge, a polyolefins manufacturer.
(Reporting by Brinda Darasha; editing by Seban Scaria)
