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Brookfield to buy majority of FAB’s payments unit: Bloomberg

Brookfield Asset Management has agreed to buy 60 percent of the payments business of First Abu Dhabi Bank at a $1.15 billion valuation, Bloomberg reported.

Brookfield Asset Management has agreed to buy 60 percent of the payments business of First Abu Dhabi Bank at a $1.15 billion valuation, Bloomberg reported. FAB, the United Arab Emirates’ largest lender, completed the carve-out of its Magnati payments business into a fully owned subsidiary in April. It will retain a 40 percent stake.

Source: Bloomberg