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WILL TAKE TIME: Malaysia’s 1MDB Plans to Close After Debt Repayment

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1Malaysia Development Berhad (1MDB), Malaysia’s scandal-ridden strategic development company, will close its door once it has settled all outstanding obligations, according to company chairman Mohd Irwan Serigar Abdullah. Speaking to reporters on the night of February 27th, Irwan said he was confident that revenues generated from the Malaysian government’s flagship infrastructure projects – including the East Coast Rail Link, the Mass Rapid Transit initiative, and the nearly completed Tun Razak Exchange in Kuala Lumpur – will be sufficient to cover the government-owned entity, which has racked up some MYR 50 billion (US$ 12 billion) in debt as of January 2016.

It Will Take Time

Irwan cautioned against a speedy resolution; however, saying, “Through this, we will pay the debts… Rome wasn’t built in a day, we will not get the revenue immediately, instead it will take more than 10 years to generate income from the long-term development.” Irwan, whose primary role is as Secretary General of the Treasury at the Ministry of Finance, also serves on the board of directors of Khazanah Nasional Berhad.

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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

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