A deal that raises the estimated value of the payments company to 1.15 billion dollars

"First Abu Dhabi" sells 60% of "Magnati" to "Brookfield"

The First Abu Dhabi Bank announced that it has signed an agreement to sell a 60% stake in “Magnati Payments Company” to “Brookfield Business Company” and its partners, known as “Brookfield”, in a deal that will raise the estimated value of “Magnati” to 1.15 billion dollars.

Terms of the deal

Under the deal, First Abu Dhabi Bank will retain a 40% stake in "Magnati" and will continue to be present in the company through a long-term partnership agreement.

The sale transaction is subject to the terms and approvals of the regulators.

After its completion, First Abu Dhabi Bank intends to benefit from the sale proceeds, which will contribute to supporting its growth and keeping pace with future changes.

First Abu Dhabi Bank's extensive experience and extensive network of relationships, and Brookfield's prominent regional and global presence, will provide "Magnati" with an ideal platform to attract new regional and global partners, and set new standards for innovation and services in the payments sector.

important achievement

Hana Al Rostamani, Group CEO of First Abu Dhabi Bank, said that this step is an important achievement for the bank, and is the result of long-term planning towards establishing strategic partnerships that will enhance the growth of the payments sector.

She added, "The partnership agreement with (Brookfield) aims to advance (Magnati)'s path forward in the payments sector, which is witnessing rapid growth, providing greater value for shareholders, customers and employees."

For his part, General Manager of "Brookfield", Jad Al-Lun, expressed his confidence that the partnership with "First Abu Dhabi" will be a tributary of "Magnati's" vision to create an innovative payment platform in the Middle East and North Africa.

"Magnati" company

Magnati is a company specialized in the government payment solutions market in the UAE, and among the two largest companies in the areas of direct acquisition, issuance and prepayment processing.

The company seeks to achieve its development aspirations by focusing on a flexible business model based on a smart payment platform to achieve the best value for customers, government agencies, merchants and institutions.

"Magnati" will maintain its headquarters in Abu Dhabi, as the transaction will support the process of attracting foreign direct investment of great importance to the UAE, through a leading global asset management company.

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