Mitsubishi to acquire stake in UAE water firm
Published on by Water Network Research, Official research team of The Water Network in Business
United Arab Emirate'sMetito gets $92 million from Japan
Japanese companies Mitsubishi Corporation and Mitsubishi Heavy Industries announced they have entered into an agreement with a water firm in the United Arab Emirates to acquire a 38.4% share in its water and wastewater projects.
The joint statement did not disclose how much the stakes in Metito Holdings were acquired for, but said that the shares were predominantly from existing shareholder Gulf Capital.
The deal provides Metito with up to $92 million in financing from Japan Bank for International Cooperation.
The statement said that Gulf Capital will now hold 23.8% of Metito, and the International Finance Corporation will hold a 3% stake in the water firm.
Metito says it employs about 2,200 people worldwide and has a global portfolio of projects valued at more than $1 billion.
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Taxonomy
- Public Private Partnerships in Water
- Sludge Separation