Banking and Finance Abu Dhabi fund-led consortium to buy stake in Israeli financial firm By Reuters December 15, 2022, 5:04 AM WAM ADQ began in 2018 as a holding company for government assets A consortium led by Abu Dhabi state holding firm ADQ is in advanced negotiations to acquire a controlling stake in Israeli financial firm Phoenix Group, according to a statement on Wednesday. US private investment firms Centerbridge Partners and Gallatin Point Capital, which hold 33.4 percent of the Israeli firm, are in talks to sell about 25-30 percent of their investment to the Abu Dhabi funds, the two companies said in a statement. “The transaction will be subject to regulatory approvals, which will include a control permit from Israel’s Capital Market, Insurance and Savings Authority,” Centrebridge and Gallatin said in the statement The UAE became the first Gulf state to normalise relations with Israel under a US-brokered agreement, dubbed the “Abraham Accords”, in 2020. In October, sovereign wealth fund tracker Global SWF estimated that Abu Dhabi’s ADQ has seen its assets under management grow to $157 billion. The fund began in 2018 as a holding company for government assets and has been consolidating its portfolio, privatising some assets and making strategic acquisitions to build companies that are leaders in their industries locally or regionally. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
