Essdar Capital Ltd, an advisory and investment firm backed by Abu Dhabi royals, said its management bought out its existing shareholders, in a rare management led buy-out of a specialist financial institution in the Middle East.
Essdar's previous shareholders included members of Abu Dhabi's ruling family, sovereign wealth funds and other institutional investors. No financial details of the transaction was provided.
"This is one of the first management buy-outs in the Middle-East of a specialist financial institution and may change the trend of how financial institutions are owned and operated in the region," Mohamad Sotoudeh, Essdar's chief executive said in the statement.
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