HP sells UAE-based IT firm stake to Mubadala
The Abu Dhabi fund acquired Hewlett-Packard’s 40% stake in Injazat for an undisclosed sum
HP has sold its 40% stake in UAE-based Injazat Data Systems for an undisclosed amount to its investment partner, Mubadala, Reuters reported.
The deal was announced in a statement from Injazat today and comes a day after HP said it would split into two listed companies, separating its computer and printer businesses from its corporate hardware and services operations.
The move will help Mubadala provide high-tech employment opportunities in Abu Dhabi, the statement added.
Homaid Al Shemmari, CEO of Aerospace and Engineering Services at Mubadala, said: "Taking full ownership of Injazat is another significant step in the growth and maturity of Mubadala in this sector as we build upon our portfolio of reliable and secure data storage solutions and establish a thriving ICT industry here in the UAE.
"We look forward to working with HP on future endeavours and exploring other synergistic opportunities."
Mubadala, which has stakes in General Electric and private equity firm Carlyle, now owns 100% percent of Injazat.