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

Published 02/22/2022, 06:15 AM
Updated 02/22/2022, 06:21 AM
© Reuters. FILE PHOTO: People walk to Brookfield Place off Bay Street on the day of the annual general meeting for Brookfield Asset Management shareholders in Toronto, May 7, 2014.  REUTERS/Mark Blinch

(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.

© Reuters. FILE PHOTO: People walk to Brookfield Place off Bay Street on the day of the annual general meeting for Brookfield Asset Management shareholders in Toronto, May 7, 2014.  REUTERS/Mark Blinch

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.

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