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Abu Dhabi conglomerate International Holding Company (IHC) is acquiring a stake in cryptocurrency firm Phoenix Group through its subsidiary.
IHC’s wholly owned unit, International Tech Group, has entered into a definitive agreement to buy 10% stake in Phoenix Group, according to a disclosure on the Abu Dhabi Securities Exchange (ADX) on Friday.
The company is currently completing all required procedures and obtaining regulatory approvals to complete the transaction, the disclosure said.
Phoenix performs bitcoin mining and provides crypto-mining equipment distribution and hosting services. The company has a portfolio of mining facilities in the Middle East, Europe, the United States and Canada.
Last August, it announced a deal with Oman-based Green Data City to set up a $300 million crypto-mining farm.
(Writing by Cleofe Maceda; editing by Seban Scaria)
