Alternative investment firm Abu Dhabi Financial Group has reached an agreement to acquire Dubai Banking Group’s 48.36 percent stake in Shuaa Capital.
In a bourse statement, Shuaa confirmed the deal saying it was subject to regulatory approval.
No value for the transaction was given.
Reuters reported at the end of last month that ADFG, Al Mal Capital and Arqaam Capital were among the bidders for the stake.
It said the stake was worth around $91m based on the company’s closing price on May 31.
The stake sales comes as the Dubai Group subsidiary looks to sell assets to help fun repayments on a $10bn debt restructuring.
Shuaa also recently played down reports of job cuts ahead of the stake sale.