Milbank advised BlackRock and KKR on their landmark partnership with ADNOC in connection with a $4 billion midstream pipeline infrastructure agreement. The agreement forms a new entity called ADNOC Oil Pipelines, with BlackRock and KKR acquiring a 40% stake and ADNOC retaining a 60% majority stake. Milbank was the English law advisor to BlackRock and KKR on the acquisition, joint venture and underlying long-term project arrangements. The transaction marks the first midstream infrastructure partnership in the Middle East with leading global investors. The transaction is expected to close mid-calendar year 2019 and is subject to certain regulatory approvals.
The Milbank team includes Stuart Harray, Sarah Ullathorne, Helen Sutcliffe and Gemma Cullen (Corporate M&A) and Matthew Hagopian, Manzer Ijaz, John Dewar, Chris Taufatofua and Jenna Darler (Project, Energy & Infrastructure Finance).
