Brookfield to Buy 60% of Abu Dhabi Bank’s Payment Arm
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Brookfield Business Partners LP signed an agreement to buy 60% of the payments business of First Abu Dhabi Bank PJSC in a deal that values the operation at as much as $1.15 billion.
FAB, which completed the carve-out of its Magnati payments business into a fully-owned subsidiary in April, will retain a 40% stake. The sale adds to a flurry of dealmaking in the payments industry, with banks seeking to offload operations as they struggle to compete with specialist providers.