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Mubadala expected to complete sale of 25% stake in Borealis

Mubadala, which holds 24.9% in OMV, had agreed to sell its 25% stake in Borealis to ADNOC in April

Abu Dhabi sovereign wealth fund’s Mubadala is expected to complete the sale of its 25 percent stake in petrochemicals group Borealis, the chief executive of the plastic maker’s majority owner OMV said on Friday.

“Twenty-five percent is currently owned by Mubadala and that 25 percent is under discussion and will probably change hands,” Alfred Stern said on Friday.

Mubadala, which also holds 24.9 percent in OMV, had agreed to sell its 25 percent stake in Borealis to ADNOC in April but the deal has yet to close.

OMV holds the remaining 75 percent.

Earlier, Abu Dhabi state fund Mubadala Investment and US investment fund KKR & Co. said they had entered into an agreement to invest about $1 billion in Asia.

Mubadala, which manages $243 billion in assets, said in a joint statement it would deploy its capital alongside KKR’s existing pools of capital, including capital from the KKR Asia Credit Opportunities Fund, a $1.1 billion credit investment vehicle KKR closed in May.