UAE – Mubasher: Mubadala will acquire a stake in Abu Dhabi-based Group42 (G42), an artificial intelligence (AI) and cloud computing company, by integrating Injazat and Khazna Data Centers (Khazna) in the business activities of G42.
Following the acquisition, Injazat and Khazna, which are part of Mubadala’s information, communications, and technology portfolio, will strengthen G42’s technology capabilities and accelerate its cloud business, according to a press release on Monday.
Hence, the Abu Dhabi-based sovereign investment company will become a minority shareholder in G42.
The acquisition is in line with the strategy of G42 which focuses on applying AI, cloud computing, and data analytics in several sectors, such as healthcare, smart cities, finance, energy, and consumer business.
Commenting on the acquisition, Mubadala Group CEO and Managing Director, Khaldoon Khalifa Al Mubarak, said: "For Mubadala, this decision is consistent with our strategy of investing in next-generation technology companies that are poised for substantial growth."
The CEO of G42, Peng Xiao, commented: "We believe Injazat and Khazna’s respective expertise in end-to-end digital and data center solutions will significantly expand and enhance our product and service offering for our clients, and we welcome them into our ecosystem."
