Abu Dhabi – Mubasher: The Abu Dhabi Investment Authority (ADIA) announced that its Private Equities Department (PED) has reached an agreement to buy up to 21.4% stake in the UK insurer Pension Insurance Corporation Group (PIC).
PIC’s financial assets amounted to more than $23.9 billion, supporting the benefits of more than 150,000 individuals, according to ADIA’s statement on Tuesday.
“This investment is a further demonstration of our ongoing strategy to seek out principal investments in market-leading businesses with strong management teams,” Hamad Shahwan Aldhaheri, executive director of PED, commented.
The takeover is the latest principal investment by ADIA’s Private Equities Department (PED), whose business focuses on financial services, healthcare, industrials, technology, and consumer products.
"PIC has proven its ability to respond to the growing trend for UK companies to de-risk their defined benefit pension obligations and, as such, has strengthened its position as one of the industry’s leading pension insurance providers,” Aldhaheri added.
ADIA did not give further details on the acquisition's total cost.
