Aabar Investments, the Abu Dhabi government-backed investor, and Austria’s Berndorf AG, are to set-up a joint venture company to invest in medium-sized technology and real-estate holding companies in Europe.Aabar will provide two-thirds of the initial 150 million euros ($213 million) equity for the Austria-based joint venture, ABAG Aktiengesellschaft, and Berndorf the rest, news agency Bloomberg reported on Tuesday, citing a company statement.
The venture will allow the two companies ''to significantly expand our strategic focus in medium-sized technology-based companies in Europe,'' Peter Pichler, Berndorf’s chief executive officer, said in the statement.
There will be ''interesting'' investment opportunities in the next 24 months as ''many companies are currently comparatively inexpensive,'' he added.
Aabar, whose largest shareholder is the Abu Dhabi government-owned International Petroleum Investment Co., in March bought a 9.1 percent stake in German automaker Daimler.
It has also recently taken a stake in electric-car start-up outfit Tesla Motors Inc.
Privately-owned Berndorf group comprises more than 60 entities in 20 countries in Europe, the US, China and India. (Reuters)
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