Shearman & Sterling advised Aabar Investments PJSC, an Abu Dhabi-based company listed on the Abu Dhabi (UAE) stock exchange, in the context of the establishment of an investment joint venture, ABAG Aktiengesellschaft, with Berndorf AG, Austria. Aabar and Berndorf intend to jointly use ABAG to earn long-term returns based on substantial investments in European medium-sized, internationally oriented, technology-based companies and to hold real estate portfolios in Europe. Aabar will hold two-thirds and Berndorf one-third of the share capital of ABAG. In addition, Berndorf will provide management services to ABAG.

As a first step, ABAG has access to an equity funding amounting to €150 m. According to the share-holding ratio 2:1, Aabar will contribute 100 m EUR and Berndorf €50 m to ABAG. Given its long-term experience in investment management as well as acquisitions and restructurings in the segment of medium-sized companies in Europe, Berndorf will assume an important role in the management of ABAG.

Aabar is a subsidiary of International Petroleum Investment Company (IPIC), which is wholly owned by the Government of the Emirate of Abu Dhabi, UAE. At the beginning of this year, Shearman & Ster-ling also advised Aabar in the context of the acquisition of a 9.087% stake in Daimler AG as well as recently in the context of the indirect acquisition of about 3.6% in Tesla Motors Inc., USA.

Shearman & Sterling attorneys involved in this transaction were partners Georg F. Thoma, Rainer Wilke (both Düsseldorf-M&A), Annette Schild (Brussels-Antitrust), counsel Stephanie Birmanns (Brussels-Antitrust) and associates Martin Neuhaus (Düsseldorf-M&A), Bodo Bender (Frankfurt-International Tax), Sebastian Horz (Düsseldorf-M&A) and Andreas Kafetzopoulos (Brussels-Antitrust).