08:16 AM EDT, 04/03/2024 (MT Newswires) -- BlackRock ( BLK ) and KKR (KKR) sold their 40% stake in the United Arab Emirates' ADNOC Oil Pipelines to investment manager Lunate, said a statement on Wednesday.

ADNOC is a network of 17 onshore and five offshore crude oil pipelines with a capacity of 18 million barrels per day.

The price paid for the acquisition was not disclosed.

UAE-based Lunate's Long Term Capital Fund wholly purchased the special purpose vehicle jointly held by BlackRock ( BLK ) and KKR since their investment in 2019.

Shares of BlackRock ( BLK ) were up 0.2% in Wednesday's premarket activity. Shares of KKR were up 4%.

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