Mubadala Buys Istithmar’s Stake in SR Technics Group

Mubadala Development Co., an investment arm of the Abu Dhabi government, bought Dubai government-owned Istithmar PJSC’s stake in SR Technics Group, a Swiss provider of technical services for the aviation industry.

Mubadala bought the 30 percent stake for an undisclosed sum, raising its stake to 70 percent, an official for the company said in response to questions from Bloomberg today. Dubai Aerospace Enterprises continues to hold the remaining 30 percent, Mubadala said.

Dubai Aerospace, along with Abu Dhabi’s Mubadala and Istithmar, bought 90 percent of the Swiss company for $1.3 billion in 2006, as part of a United Arab Emirates plan to build a domestic aerospace industry.