Al Tamimi with ADNOC Gas on SPO
Al Tamimi & Company (Al Tamimi) advised ADNOC Gas through successful completion of its secondary public offering, valued at USD 2.84 billion.
The context
Accounting for 4% of ADNOC Gas’ share capital, the offering is the largest-ever placement on the Abu Dhabi Securities Exchange (ADX) and the UAE’s first fully marketed operation of this kind.
Following the SPO , 3.07 billion shares were made available to institutional investors, with total demand reaching AED 46 billion (USD 12.5 billion), and 4.4 times oversubscription. Expanding ADNOC Gas’ free float from 5% to 9%, the deal aimed at enhancing the company’s market liquidity while maintaining the integrity of its capital structure.
The Al Tamimi team
Head of Corporate Commercial Andrew Tarbuck (pictured) led Al Tamimi’s team on the matter, working alongside associate Haya Al Barqawi.
The firm collaborated with ADNOC’s international counsel, Gibson Dunn LLP, as well as with the pull of banks managing the transaction, including BofA Securities, Citi, EFG-Hermes, First Abu Dhabi Bank, HSBC, and International Securities.
