Aabar to acquire 70 percent stake in Arabtec
Abu Dhabi- based Aabar Investments is hoping to finalize...
January 10, 2010 4:13 by kippreport
Abu Dhabi- based Aabar Investments is hoping to finalize a $1.7 billion deal on January 13 to acquire a 70 percent stake in Dubai-based construction firm Arabtec, reports Reuters. “Aabar Investments and Dubai’s Arabtec Holdings have agreed for Aabar to acquire 70 percent of the shares in Arabtec by way of a convertible mandatory bond…” Arabtec said in a statement. The company said that formal discussions began on January 4 and that the acquisition would “further consolidate” its position in the market.
Aabar said that the bonds would provide cash and potential new contracts for Arabtec.