US-listed Brookfield to buy 60% of First Abu Dhabi Bank’s payment subsidiary – The National

US-listed Brookfield to buy 60% of First Abu Dhabi Bank’s payment subsidiary – The National

First Abu Dhabi Bank, the UAE’s largest lender by assets, signed an agreement to sell 60 per cent stake in its payments business Magnati to New York-listed Brookfield Business Partners, valuing the company up to $1.15 billion.

The transaction comes as Magnati was carved out into a fully owned subsidiary in April last year. FAB will retain a 40 per cent stake in Magnati and will continue its partnership with the company through a long-term relationship agreement, the lender said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.

“FAB’s expertise and relationships, coupled with Brookfield’s regional and global presence, will provide a platform for Magnati to attract new regional and global partners while setting a new standard for innovation and delivery in the payments industry,” the bank said.