Tuesday, July 22, 2008

Abu Dhabi Bails Out General Electric (GE)

From DealBreaker:

A Persian Gulf sovereign wealth fund has agreed to an $8 billion partnership with General Electric in a deal that will make it one of GE's top ten shareholders. Abu Dhabi's Mubadala Development and GE are cooperating on a commercial finance division focussed on the Middle East and African markets. The deal anticipates further partnerships in aviation and clean energy research.

Each company will contribute $4 billion of equity to the partnership over three years. At the same time, Mubadala Development will buy at huge stake in GE, the world's twelfth largest company....MORE