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OMV and Mubadala agree on payment of the purchase price for the additional 39% share in Borealis in tranches

OMV, the international integrated oil and gas company headquartered in Vienna, and Mubadala Investment Company, the Abu Dhabi-based strategic investment company, signed today an amendment agreement to the share purchase agreement for the acquisition of the additional 39% share in Borealis AG (Borealis) concluded between OMV and Mubadala on March 12, 2020.

The amendment agreement provides for the purchase price to be paid by OMV in two tranches: USD 2.34 bn at closing of the transaction and USD 2.34 bn no later than December 31, 2021 at a market interest rate from closing.

OMV has the option to pay the deferred amount in full or in part at closing of the transaction or following closing at the end of each month until December 31, 2021. 

“This transaction is an essential step in the company’s strategic development towards chemicals, which OMV will consistently pursue. We are pleased that we have agreed on a payment schedule with our partner Mubadala that allows us to optimize our cash flow management in this challenging economic environment”, said Rainer Seele, Chairman of the OMV Executive Board and CEO.

Musabbeh Al Kaabi, CEO of Petroleum & Petrochemicals, Mubadala, added, “Mubadala has been a partner in OMV for over 25 years and, as partners, we too are pleased to reach this agreement given the macroeconomic situation. We remain shareholders in both OMV and Borealis, and remain confident in the fundamentals of their businesses and their future growth potential.”

On March 12, 2020, OMV and Mubadala signed an agreement that will give OMV a controlling stake in Borealis, one of Europe’s leading petrochemical companies. OMV, which currently owns a 36% stake in Borealis, will acquire an additional 39% from Mubadala, increasing its stake to 75%. Mubadala will retain a 25% interest.

Background information:

OMV AktiengesellschaftOMV produces and markets oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 23 bn and a workforce of around 20,000 employees in 2019, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Central and Eastern Europe as well as a balanced international portfolio, with Middle East & Africa, the North Sea, Russia and Asia-Pacific as further core regions. Daily average production was 487,000 boe/d in 2019. In Downstream, OMV operates three refineries in Europe and owns a 15% share in ADNOC Refining and Trading JV, with a total annual processing capacity of 24.9 mn tons. Furthermore, OMV has a 36% participation in Borealis, one of the world’s leading producers of polyolefins. The Company operates about 2,100 filling stations in ten European countries. OMV runs gas storage facilities in Austria and Germany; its subsidiary Gas Connect Austria GmbH operates a gas pipeline network in Austria. In 2019, gas sales volumes amounted to around 137 TWh. Sustainability is an integral part of OMV’s corporate strategy. OMV supports the transition to a lower-carbon economy and has set measurable targets for reducing carbon intensity and introducing new energy and petrochemical solutions.

Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for its shareholder, the Government of Abu Dhabi. Mubadala’s USD 229 bn portfolio spans five continents with interests in multiple sectors including aerospace, ICT, semiconductors, metals and mining, renewable energy, oil and gas, petrochemicals, utilities, healthcare, real estate, pharmaceuticals and medical technology, agribusiness and a global portfolio of financial holdings across all asset classes. Mubadala has offices in Rio de Janeiro, Moscow, New York and San Francisco, with a joint venture in Hong Kong. Mubadala is a trusted partner, an engaged shareholder and a responsible global company that is committed to world-class standards of governance.