Brookfield Business Partners L.P. signed an agreement to acquire 60% stake in Magnati Sole Proprietorship LLC from First Abu Dhabi Bank P.J.S.C. for approximately $400 million.

Brookfield Business Partners L.P. (NYSE:BBU) signed an agreement to acquire 60% stake in Magnati Sole Proprietorship LLC from First Abu Dhabi Bank P.J.S.C. (ADX:FAB) for approximately $400 million on February 28, 2022. The consideration consists of $190 million of equity and $210 million of debt. Brookfield Business Partners share of the equity purchase price will be approximately $65 million for a 20% economic interest, with the balance funded by institutional partners.

The transaction is expected to close in the first half of 2022. Morgan Stanley acted as financial advisor to First Abu Dhabi.  Polina Lyadnova and Byamba Enkhbayar acted as financial advisor and Cameron Murphy of Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to Brookfield Business Partners.