DUBAI, United Arab Emirates (AP) ? Mubadala Development Co., the Abu Dhabi investment firm with stakes in General Electric Co. and the Carlyle Group, agreed Monday to pump $2 billion into Brazil's EBX Group as it looks to tap into the growing South American market.
The funds will buy Mubadala a 5.63 percent stake in the Brazilian conglomerate, including an indirect interest in its various subsidiaries, the companies said in a joint statement announcing the deal.
EBX has interests in a range of industries, including mining, energy and power generation.
It plans to use the fresh funds to strengthen its financial position and pay for new business ventures. It does not expect the deal to affect the management or day-to-day activities of EBX's stable of publicly listed companies.
The deal marks Mubadala's first major investment in Brazil and could lead to further collaboration between Mubadala and EBX down the road, the companies said.
"This well-structured transaction marks our first significant direct investment into one of the fastest growing markets and is an important step in Mubadala's development of strategic opportunities in Brazil and Latin America," said Mubadala CEO and Managing Director Khaldoon Khalifa al-Mubarak.
Mubadala is owned by the oil-rich government of Abu Dhabi, capital of the United Arab Emirates and the largest and richest of the federation's seven city-states.
It is one of several companies the emirate uses to invest its oil wealth, and has traditionally focused on investments that can help diversify the sheikdom's economy.
EBX is based in Rio de Janeiro and is controlled by founder Eike Batista. It is the holding company for five publicly listed companies in Brazil ? OGX, OSX, MMX, LLX and MPX ? and a number of privately held businesses.
Associated Pressoffice max cyber monday deals 2011 cyber monday deals 2011 real housewives of atlanta bernie fine bernie fine matt leinart
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.