UAE News: Abu Dhabi's Mubadala Buys Stake in Silver Lake, to Invest $2 Billion - Bloomberg:
Abu Dhabi wealth fund Mubadala Investment Co. is taking a stake of about 5% in private equity firm Silver Lake and investing $2 billion in a technology fund run by the firm as part of its drive to diversify away from oil and gas.
Mubadala said it would buy the stake in Silver Lake from Dyal, a unit of Neuberger Berman. No terms were disclosed. The deal is the latest move in the Abu Dhabi sovereign wealth fund’s drive to expand its technology portfolio.
Silver Lake has been one of most active private equity firms during the coronavirus pandemic and bought stakes this year in companies including Expedia Group Inc., Twitter Inc. and Airbnb Inc. The firm has also put money into online payment provider Klarna AB and Alphabet Inc.’s autonomous driving unit.
Mubadala, which manages $232 billion in assets, is among Gulf sovereign funds plowing their oil and natural gas wealth into technology to lessen their reliance on crude and help diversify their economies. The fund has repeatedly said over the past few years that it’s looking to boost its investments in technology.
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