DUBAI - United Arab Emirates-based conglomerate Alpha Dhabi said on Monday it plans to acquire a majority stake in the United Arab Emirates-based water and wastewater project developer Metito Holdings.
Pending regulatory approvals, Alpha Dhabi said it plans to acquire the stake from Metito's selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital.
Alpha Dhabi did not disclose the size of the stake it would take in Metito, which has around 20 offices and 4,500 employees across the world. Alpha Dhabi also did not disclose the value of the transaction or how the transaction would be funded.
The Ghandour family, Metito’s founding shareholders, will retain their leadership roles, Alpha Dhabi said in the statement on Monday.
Alpha Dhabi is linked to Sheikh Tahnoun bin Zayed Al Nahyan, the UAE's national security adviser and a brother of the country's president Sheikh Mohammed bin Zayed Al Nahyan. Sheikh Tahnoun owns the Royal Group, which has a 74% stake in the parent of Alpha Dhabi, the International Holding Company (IHC).
(Reporting by Hadeel Al Sayegh; Editing by Janane Venkatraman)