A prominent Abu Dhabi royal's company has agreed to buy a US gas infrastructure firm for $2.25 billion, marking a significant overseas deal despite rising geopolitical tensions.
The acquisition, announced by 2PointZero Group PJSC, will see the company take a 100% stake in Traverse Midstream Partners LLC, a portfolio company of The Energy & Minerals Group.
Traverse Midstream Partners owns minority stakes in US natural gas infrastructure assets, including the Rover Pipeline and Ohio River System, which help move gas from the Utica and Marcellus shale regions to demand centres in the Midwest, the Gulf Coast and eastern Canada.
The deal is among the biggest forays by 2PointZero, which was created from a restructuring of Abu Dhabi's corporate landscape last year.
International Holding Company PJSC, the emirate's largest listed firm and chaired by Sheikh Tahnoon, combined Multiply Group PJSC, 2PointZero Group PJSC and Ghitha Holding PJSC in October to form the new investment platform with about $33 billion in assets.
