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Brookfield in talks to buy First Abu Dhabi Bank’s payments arm in $1 billion deal – Bloomberg News – Metro US

Brookfield in talks to buy First Abu Dhabi Bank’s payments arm in $1 billion deal – Bloomberg News

People walk to Brookfield Place off Bay Street on the
People walk to Brookfield Place off Bay Street on the day of the AGM for Brookfield Asset Management shareholders in Toronto

(Reuters) – Canada’s Brookfield Asset Management Inc is in talks to buy the payments business of UAE’s biggest lender First Abu Dhabi Bank PJSC, Bloomberg News reported on Tuesday.

The unit, called Magnati, could be valued at over $1 billion in the deal, the report said, citing people familiar with the matter.

Brookfield and First Abu Dhabi Bank did not immediately respond to Reuters requests for comment.

The business could also attract bids from other suitors, the Bloomberg report added.

(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)

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