Arabtec Holding will use some of the cash from Aabar Investments’s stake in the firm to fund its own future acquisition spree, its chief executive said yesterday.
Aabar, the Abu Dhabi firm that last year took a major stake in the championship winning Brawn GP Formula One team, said on Friday it would acquire 70 per cent of Arabtec, the largest construction company in the UAE, in a deal worth Dh6.4 billion (US$1.74bn).
The acquisition would come through a bond issued by Arabtec to Aabar that will convert to new Arabtec shares at maturity.
No comments:
Post a Comment