Mubadala, GE JV to buy into Oman's United Power Company | TradingMarkets.com

Oman-based utility United Power Company (MSM:UEC), or UPC, said in a statement on Monday that Mubadala GE Capital, a financing joint venture of Mubadala, the investment vehicle of Abu Dhabi's government, and US diversified group General Electric (NYSE: GE | PowerRating), will buy 16.41% in it. Mubadala GE Capital is buying the UPC preferred shares from National Trading Company, WJ Towell and Zubair Corporation LLC, in a deal expected to close on 31 December 2010. The value of the transaction was not disclosed. UPC's operations will not be affected by this deal, the company said. UPC has a capital of OMR34.869m (USD91m/EUR69m), Reuters said citing bourse data. Mubadala GE Capital is a 50/50 financing joint venture between GE and Mubadala launched in 2009. Country: , Oman Sector: Utilities Target: United Power Company SAOG Buyer: Mubadala GE Capital Vendor: Zubair Corporation LLC, WJ Towell, National Trading Company Type: Stakebuilding Status: Agreed