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Abu Dhabi state-controlled fund ADQ has entered into a definitive agreement with Lebanon’s Bank Audi-led consortium to acquire 96% of the share capital of Odea Bank A.Ş. (Odeabank), Bank Audi’s subsidiary in Türkiye.
Bank Audi and other investors, which include International Finance Corporation, IFC FIG Investment Company Sàrl, and the European Bank for Reconstruction and Development (EBRD), have agreed to sell their respective interests in the share capital of Odeabank to ADQ, a statement from the fund said on Tuesday.
The terms of the deal was not disclosed.
In 2022, ADQ launched a $300 million fund together with Türkiye Wealth Fund which invests in companies developing emerging technologies.
Abu Dhabi's third biggest sovereign wealth fund which invests in energy and utilities, food and agriculture, healthcare among others, also acquired Turkish pharmaceuticals company Birgi Mefar Group in 2022.
(Writing by Brinda Darasha; editing by Seban Scaria)
