Abu Dhabi National Energy Company PJSC (ADX:TAQA) and Abu Dhabi National Oil Company agreed to acquire an unknown stake in Masdar from Mubadala Investment Company PJSC on December 1, 2021. Sultan Al Jaber will remain Chairman of the expanded Masdar entity that will cover both renewables and green hydrogen business areas. Up on completion of the transaction, TAQA will take the leading role with a 43% shareholding in Masdar's renewable energy business with Mubadala retaining 33% and ADNOC holding 24%.

Meanwhile, ADNOC will take the leading role with a 43% shareholding in Masdar's green hydrogen business, with Mubadala holding 33% and TAQA 24% respectively. The partnership envisages parties entering into detailed agreements as well as completion of necessary transaction requirements, including obtaining relevant third party and regulatory approvals. MOELIS & COMPANY acted as financial advisor to ADNOC.

Al-Shukairy and Boyle, Daniel of Clifford Chance LLP (UAE) acted as legal advisor to Abu Dhabi Future Energy Company PJSC. David Foster and Ian Ingram-Johnson of Allen & Overy LLP acted as the legal advisors to Mubadala Investment Company PJSC. Shearman & Sterling LLP acted as legal advisor to Abu Dhabi National Oil Company and Mubadala Investment Company.