Brookfield Buys Majority Stake in Magnati from First Abu Dhabi Bank
Posted on 02/28/2022
Brookfield Business Partners L.P. is a publicly traded limited partnership and the primary public vehicle through which Brookfield Asset Management, its parent company, owns and operates the business services and industrial operations of its private equity group.
Brookfield Business Partners, which is managed by Brookfield Asset Management Inc., signed an agreement to buy 60% of the payments business of First Abu Dhabi Bank PJSC (FAB) at a US$ 1.15 billion valuation. FAB completed the carve-out of its Magnati payments business into a fully-owned subsidiary in April 2021. FAB will retain a 40% stake. First Abu Dhabi Bank is the biggest lender in the United Arab Emirates.
