Mubadala Acquires Full Ownership of IT Firm Injazat After Buying HP’s Stake

The Abu Dhabi fund acquired Hewlett-Packard’s 40 per cent stake in Injazat for an undisclosed sum.

Abu Dhabi fund Mubadala announced that it has acquired Hewlett-Packard’s (HP) 40 per cent stake in UAE-based IT firm Injazat Data Systems for an undisclosed sum.

Following the acquisition, Mubadala now has complete ownership of Injazat, which built the region’s first Tier IV Data Center, it said in a statement.

The move will help Mubadala provide high-tech employment opportunities in Abu Dhabi, it added.

Homaid Al Shemmari, CEO of Aerospace and Engineering Services at Mubadala, said: “Taking full ownership of Injazat is another significant step in the growth and maturity of Mubadala in this sector as we build upon our portfolio of reliable and secure data storage solutions and establish a thriving ICT industry here in the UAE.

“We look forward to working with HP on future endeavors and exploring other synergistic opportunities.”

The deal comes a day after HP announced that it would divide itself into two listed companies, and separate its computer and printer businesses from its corporate hardware and services operations.

Meg Whitman, chairman, president and CEO of HP said that the decision would provide each new company with the “independence, focus, financial resources, and flexibility they need to adapt quickly to market and customer dynamics, while generating long-term value for shareholders.”