UAE's Abu Dhabi Financial Group & Shuaa Capital agree on merger - Reuters:
Abu Dhabi Financial Group (ADFG) and Shuaa Capital have agreed on the terms of their merger, which will create an entity with $12.8 billion in assets under management.
Under the agreement, Shuaa will issue 1.47 billion new shares to ADFG’s parent company, Abu Dhabi Capital Management, in return for the entire issued shares of ADFG, the companies said in a joint statement on Wednesday.
ADFG’s shareholders will own 58% of the enlarged entity while Shuaa’s existing shareholders will own 42%.
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