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Brookfield Business Partners LP BBU-UN-T and its partners have agreed to buy a 60-per-cent stake in Magnati, the payments business of First Abu Dhabi Bank, valuing the business up to US$1.15-billion.

FAB will retain a 40-per-cent stake in Magnati after the transaction is completed and will continue its partnership through its 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 that values the North African lender at 18.5-billion Egyptian pounds (US$1.18-billion).

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