UAE’s biggest lender FAB sells 60 per cent shares in Magnati to Canada’s Brookfield Business Partners

UAE’s biggest lender First Abu Dhabi Bank (FAB) has sold a 60 percent stake in its payments firm, Magnati, to Canada’s Brookfield Business Partners, Zawya reports.
The transaction will bring to the Abu Dhabi-based bank around $690 million. FAB will still retain 40 per cent of the firm.
FAB launched Magnati in April last year as a fully owned affiliate. Brookfield Business Partners is a business services and industrials company focused on owning and operating high-quality businesses.
Morgan Stanley & Co. International plc advised on the transaction while Freshfields Bruckhaus Deringer LLP acted as legal adviser to FAB.

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