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