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Middle East

Abu Dhabi's Mubadala to buy 20 percent of Investcorp

Associated Press
Published | Updated

DUBAI, United Arab Emirates – Abu Dhabi's government-backed Mubadala Development Company has agreed to buy a 20-percent stake in Bahraini investment firm Investcorp.

Investcorp said Thursday that Mubadala will take a 9.99-percent stake immediately and the remainder "following necessary regulatory approvals." Financial terms were not disclosed.

Investcorp was founded in 1982 and says it manages more than $10 billion in assets, including real estate and private-equity investments.

Mubadala's holdings include semiconductor maker Globalfoundries and renewable energy company Masdar. It also has stakes in Fairfield, Connecticut-based General Electric Co. and Washington-based private equity firm The Carlyle Group.

Mubadala is in the process of being merged with the International Petroleum Investment Company, another wealth fund in Abu Dhabi, the oil-rich capital of the United Arab Emirates.