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(Bloomberg) — A company overseen by a prominent Abu Dhabi royal has agreed to buy a US gas infrastructure firm for $2.25 billion, the latest sign that Gulf firms are pressing ahead with overseas dealmaking even as the regional conflict enters its second month.
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2PointZero Group PJSC, part of a business empire overseen by Sheikh Tahnoon bin Zayed Al Nahyan, said it will acquire a 100% stake in Traverse Midstream Partners LLC. The transaction is subject to regulatory approvals, the firm said in a statement late on Monday.
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Traverse Midstream Partners is a portfolio company of The Energy & Minerals Group and owns minority stakes in US natural gas infrastructure assets, including the Rover Pipeline and Ohio River System. The assets help move gas from the Utica and Marcellus shale regions to demand centres in the Midwest, the Gulf Coast and eastern Canada.
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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 also 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.
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At inception, 2PointZero joined a constellation of sovereign and private investment firms in Abu Dhabi that together control more than $2 trillion and have been prolific dealmakers in their own right. Many of them are overseen by Sheikh Tahnoon, one of Abu Dhabi’s two deputy rulers and a brother to the country’s president.
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The deal comes just days after the UAE’s ambassador to the US said the Gulf nation’s $1.4 trillion investment and economic framework with America remained on track. The top official at Saudi Arabia’s wealth fund has also confirmed it remains committed to investments around the world despite growing concerns over the mounting economic costs of the war.
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More broadly, Gulf investors are continuing to strike overseas deals despite rising geopolitical tensions. Savvy Games Group, a unit of Public Investment Fund, agreed this month to buy Moonton from ByteDance Ltd. in a deal that values the game maker at about $6 billion.
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Abu Dhabi Investment Authority has also been active in March, while Qatar Investment Authority and a Bahraini aluminium producer both announced large transactions in the first week of the war, underscoring how regional investors are pressing ahead with global dealmaking even as the conflict continues.
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