Brookfield agrees to buy 60% of UAE FAB's payments unit

DUBAI, Feb 28 (Reuters) - Brookfield Business Partners (BBU_u.TO) and its partners have agreed to buy a 60% stake in Magnati, the payments business of First Abu Dhabi Bank (FAB.AD), valuing the business up to $1.15 billion.

FAB will retain a 40% stake in Magnati after the transaction is completed and will continue its partnership through its a long-term relationship agreement, it said.

Proceeds from the sale will be used to support FAB's growth and transformation plans, it said.

Earlier this month, First Abu Dhabi Bank made an offer to buy a controlling stake in Egypt's biggest investment bank EFG Hermes (HRHO.CA) that values the North African lender at 18.5 billion Egyptian pounds ($1.18 billion). read more

Reporting by Saeed Azhar; Editing by Kim Coghill

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