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Thu 28 Jul 2016 02:25 PM

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UAE's Mubadala set to buy 20% stake in Bahrain's Investcorp

Mubadala will buy 9.99% immediately, and a further 10.01% following the necessary regulatory approvals

UAE's Mubadala set to buy 20% stake in Bahrain's Investcorp

Abu Dhabi state investment fund Mubadala has agreed to acquire a 20 percent stake in Investcorp, the Bahrain-based alternative investment firm said in a statement on Thursday.

Mubadala will buy 9.99 percent of Investcorp immediately, and a further 10.01 percent following the necessary regulatory approvals, the statement said without disclosing a value for the transaction.

"Mubadala's investment strengthens Investcorp's shareholder base, which includes major institutional investors from the UAE, Bahrain and Qatar, in addition to prominent individuals and family offices," the statement added.

Mohammed Mahfoodh Alardhi, executive chairman of Investcorp, said: "Mubadala is one of the strongest and most respected investment companies in the GCC and globally, so today's development is a significant milestone in the institutionalisation of our shareholder base.

"This investment is a validation of Investcorp's blue-chip brand, our human capital, and our vision for the future. This is a positive step for our stakeholders, including our shareholders, investors and portfolio companies."

Khaldoon Khalifa Al Mubarak, Group CEO of Mubadala Development Company, added: "We welcome the opportunity to become a shareholder in Investcorp. From an investment perspective, the stable and long term value-creation mission of Investcorp makes it a logical addition to Mubadala's diverse financial investment portfolio."

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