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Finmeccanica and Libyan Investment Authority sign a Memorandum of Understanding for a strategic cooperation in Africa and the Middle East

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Press release states, “Finmeccanica, the Italian leading aerospace, defense and security company and the Libyan Investment Authority (“LIA”), the Libyan sovereign wealth fund, and Libya Africa Investment Portfolio(“LAP”), an Investment Fund owned by LIA, share the view that Libya and the Middle East and Africa countries will offer, in the near future, significant investment opportunities in a broad range of industrial sectors in which Finmeccanica is present at a global level and they intend to leverage on their joint capabilities to access new markets working with local customers and partners.

In this context, Finmeccanica, LIA and LAP have today signed a Memorandum of Understanding (MoU) for the development of a strategic cooperation in Libya and other countries in the Middle East and Africa regions. Under this MoU investment opportunities will be pursued in the aerospace, electronics, transportation and energy sectors for civil applications.

The MoU envisages the creation within a year of a Joint Venture Company, 50% held by each of Finmeccanica and LAP, and governed by Shareholders Agreements to be entered into. The Joint Venture Company will be the main vehicle of the joint business initiatives and will be able to invest in the specific commercial and industrial initiatives by setting up dedicated companies in the relevant countries. Finmeccanica can involve the Joint Venture Company as preferred business partner in initiatives in which Finmeccanica will take a direct leading role.

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PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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