Brookfield agrees to buy 60% of UAE FAB's payments unit

Brookfield Business Partners LP

28/02/2022 05:38

DUBAI, Feb 28 (Reuters) - Brookfield Business Partners
 BBU_u.TO  and its partners have agreed to buy a 60% stake in
Magnati, the payments business of First Abu Dhabi Bank  FAB.AD ,
valuing the business up to $1.15 billion.
    FAB will retain a 40% stake in Magnati after the transaction
is completed and will continue its partnership through its a
long-term relationship agreement, it said. 
    Proceeds from the sale will be used to support FAB's growth
and transformation plans, it said. 
    Earlier this month, First Abu Dhabi Bank made an offer to
buy a controlling stake in Egypt's biggest investment bank EFG
Hermes  HRHO.CA  that values the North African lender at 18.5
billion Egyptian pounds ($1.18 billion). urn:newsml:reuters.com:*:nL1N2UK0IN
    

 (Reporting by Saeed Azhar; Editing by Kim Coghill)
 ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters
Messaging: saeed.azhar.reuters.com@reuters.net))