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UK Mandelson encourages sovereign wealth fund investment

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Peter MandelsonReuters reports, “Britain would welcome investments by sovereign wealth funds to bolster its economy, Business Secretary Peter Mandelson said on Wednesday. Gulf-based investment firms have poured billions of dollars in recent years into businesses ranging from Western banks and stock exchanges to sports clubs and circus troupes. Britain’s economy will shrink by 3.7 percent this year, its fastest pace of decline since World War Two, and the government has little room for more fiscal support, the Organisation for Economic Cooperation and Development said last week.

‘Yes, I have met sovereign wealth funds,’ Mandelson told reporters in Abu Dhabi, capital of the United Arab Emirates, without giving further specifics.

‘We welcome sovereign wealth fund investments, unlike some other countries that are hesitant, and we strongly encourage investments from the UAE and others into Britain.

We need liquidity in the system, we need funds to flow, we need credit to flow,’ Mandelson said.”

read more: Reuters

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APG, QIC, and Swiss Life Buys MIRA Stake in Brussels Airport

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APG Asset Management, QIC (Queensland Investment Corporation), and Zurich-based Swiss Life Group, spent about €2 billion for Macquarie Infrastructure and Real Assets’ (MIRA) 36% stake in Brussels Airport. APG and QIC will each have a stake of 16.8% in the airport asset with Swiss Life having a 2.4% ownership stake. QIC will hold its airport stake in its Global Infrastructure Fund, which has third-party investors. Since 2011, the Ontario Teachers Pension Plan (OTPP) still holds a 39% stake in the airport, while the Belgian government retains a 25% ownership stake.

APG Asset Management manages assets for a number of investors including Stichting Pensioenfonds ABP.

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CIC Seeks Allies for Belt and Road Cooperation Fund

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The China Investment Corporation (CIC), which indirectly controls China’s largest banks, is seeking allies to form a cross-border investment vehicle to support One-Belt, One-Road projects – also known as the Belt and Road Initiative (BRI). The CIC is calling it the Belt and Road Cooperation Fund. The fund’s size and specific investment methods are in the preliminary phase. The BRI has been underway for the last five years.

The multi-lateral fund will be another way to funnel capital into specific belt and road projects. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Fidelity National Information Services to Acquire Worldpay

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Jacksonville, Florida-based Fidelity National Information Services, Inc., better known by the abbreviation FIS, agreed to acquire payments processor Worldpay, Inc. for approximately US$ 35 billion (not including debt) in cash and stock, or US$ 112.12 per share. Around 19 months ago, Cincinnati-based credit card processor Vantiv, Inc. acquired Worldpay for just under US$ 10 billion, while FIS agreed to acquire First Data for US$ 22 billion in January 2019.

The combined company will keep the name FIS and be headquartered in Jacksonville, Florida. The transaction is subject to receipt of required regulatory and shareholder approvals and other customary closing conditions and is expected to close in the second half of 2019.

Deal Terms

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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