TAQA and ADNOC come together to acquire Masdar stake from Mubadala

Abu Dhabi National Energy Company (TAQA), Abu Dhabi National Oil Company (ADNOC) and Mubadala Investment Company have entered into binding agreements for TAQA and ADNOC to purchase stakes in Abu Dhabi Future Energy Company (Masdar) from Mubadala. 
The partnership sets out to create a global clean energy powerhouse that consolidates the renewable energy and green hydrogen efforts of TAQA, Mubadala and ADNOC under the Masdar brand. The transaction puts a value for the new Masdar joint ventures at approximately AED7 billion (US$1.9 billion) on a 100% equity basis. 

The transaction is still subject to the completion of necessary transaction requirements, including obtaining relevant third party and regulatory approvals, which are expected to take a number of months.

The advisors

Clifford Chance advises TAQA on its acquisition of a controlling stake in Masdar. The team was led by partner Mohammed Al-Shukairy (pictured), regional managing partner, Middle East, together with support from a core team comprising counsel Daniel Boyle, senior associate Rezwan Azam, associate Ahmed Shafiek and trainee Shannon Bugrke. Partner Richard Parris and counsels Jeremy Barker and Inaamul Laher provided additional specialist projects and construction advice.

Shearman & Sterling advises Abu Dhabi National Oil Company (ADNOC) in this transaction. The team included partner Jade Chu (m&a, Dubai), partner Laleh Shahabi (project development and finance, Abu Dhabi), partner Brendan Hundt (project development and finance, Dubai), partner Todd Lowther (tax, Houston), partner Samuel Ogunlaja (project development and finance Abu Dhabi), counsel Mehran Massih (co-lead global environmental practice, London, New York and Munich), partner David Hume (international arbitration, Abu Dhabi), contract attorney counsel Michael Pettingill (real estate, New York), senior associate Kasia Lebiecki (m&a, Dubai), senior associate Omar Alkaffas (project development and finance, Abu Dhabi), senior associate Claire Hunter (project development and finance, Abu Dhabi), associate Krishna Parikh (m&a, Dubai), associate Suzanne Norman (antitrust, London), associate Arthur Lloyd Morriss (project development and finance, London), associate Caitlin Mcphee (project development and finance, Dubai), associate Elizabeth Wood (project development and finance, Singapore), associate Kate Chan (m&a, London) and associate Michael Buiteweg (tax, Dallas). 

Allen & Overy advises Mubadala Investment Company (Mubadala) in this transaction. The team was led by Ibrahim Mubaydeen (managing partner Abu Dhabi) and further included, David Foster (partner, head of Middle East corporate practice, Dubai), Judith Kim (partner, Dubai projects group), Nicholas Stuart (partner, corporate, m&a, Abu Dhabi), Ian Ingram-Johnson (projects, energy, infrastructure and transport, Dubai), Kyle Nevin (partner, project development and financing, Dubai), George Chip Cannon (partner, energy regulation and markets, Washington D.C.) and Jamie Palmer (partner, corporate m&a and private equity, Sydney).