Abu Dhabi Investment Authority buys 30% stake in D&G | Financial Times:
Abu Dhabi’s sovereign wealth fund has agreed to buy a 30 per cent stake in Domestic & General after the UK’s white goods warranty provider abandoned plans for an initial public offering.
The deal with Abu Dhabi Investment Authority valued the appliances insurer at close to £1.1bn, according to people familiar with the matter. In a statement on Wednesday, D&G said its current owners, private equity firm CVC Capital Partners, would retain a majority stake in the company.
ADIA’s purchase comes against a backdrop of plummeting UK investment from other sovereign wealth funds. Of D&G’s 16m customers across Europe and Australia, 9m come from the UK.
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