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Business

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Burjeel profit nearly doubles

Healthcare demand drives stronger earnings.

Salik profit slips in H1

The company said traffic recovery supported resilience.

Alpha Dhabi profit jumps 48%

AI and technology investments boost earnings.

Mubadala to buy Fortress

Pedestrians walk past a SoftBank mobile shop in Tokyo. (AFP)
By TRENDS Desk
September 7, 2022 12:20 pm
  • The PIF-backed SoftBank Group acquired Fortress in 2017 intending to use the New York-based company's expertise to aid in managing its Vision Fund
  • The reports said the Abu Dhabi sovereign fund could announce an agreement in the coming weeks

Riyadh, Saudi Arabia— Mubadala Investment Co., the Abu Dhabi sovereign fund, is close to buying out Fortress Investment Company in a $2 billion deal, according to media reports.

The PIF-backed SoftBank Group acquired Fortress in 2017, intending to use the New York-based company’s expertise to aid in managing its Vision Fund.

SoftBank, Mubadala and Fortress refused to speak on the buyout of the company.

The Abu Dhabi sovereign fund could announce an agreement in the coming weeks, the reports said.

 

 

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