A consortium led by ADNOC’s (Abu Dhabi National Oil Company) subsidiary, XRG, including the International Energy Investment Company, ADQ (Abu Dhabi Development Holding Company), and global investment firm Carlyle, has submitted a non-binding indicative proposal to acquire global energy company Santos at a cash offer of $5.76 per share, valuing the deal at $19 billion.

According to a statement released by Santos, the proposal followed two confidential, non-binding and indicative proposals from the XRG Consortium to acquire 100% of Santos Shares on 21 March 2025 for $5.04 in cash per share and on 28 March 2025, for $5.42 in cash per share.

The transaction is pending the satisfactory completion of a confirmatory due diligence, during which the buyer reviews financial, legal, technical, and operational aspects to verify information before proceeding.

XRG is an international investment platform launched by ADNOC in November 2024, with an estimated enterprise value exceeding $80 billion. Its operations focus on gas, chemicals, and low-carbon energy. It targets to become one of the top-five integrated global natural gas and LNG players, with 20-25 mmtpa capacity by 2035.