UGI Corp. (NYSE:UGI) +7.2% in Friday’s trading following a Bloomberg report that Abu Dhabi National Oil Co. is considering a potential investment in the company’s AmeriGas propane distribution unit.
A transaction could value AmeriGas – which announced in August that it was exploring strategic alternatives – at several billion dollars, according to the report.
A deal would mark Adnoc’s first major acquisition in the U.S., and comes as it tries to broaden its operations as demand for crude oil is expected to decline in the energy transition.