Saudi Arabia’s Hanco Buys U.A.E.’s Byrne for $163 Million - Bloomberg

Saudi Arabia’s Hanco Buys U.A.E.’s Byrne for $163 Million - Bloomberg:



"Hanco, a Saudi Arabian auto rental company, said it acquired U.A.E.-based Byrne Investments from a private-equity group previously owned by HSBC Holdings Plc (HSBA) for 600 million dirhams ($163 million).



Hanco, majority-owned by closely-held Bin Sulaiman Holdings, is buying Byrne’s equipment rental operations and modular building services business from Dubai-based Havenvest Private Equity Middle East Partnership, it said today in a statement.



Persian Gulf companies are stepping up acquisitions as financial markets improve and confidence in the economy recovers. Abu Dhabi National Energy Co. said March 2 it will pay $1.6 billion to buy two hydroelectric power plants in India with partners, while Emirates Telecommunications Corp. is completing the acquisition of Vivendi SA (VIV)’s controlling stake in Maroc Telecom SA for about 4.2 billion euros ($5.7 billion)."



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