UAE-based company buys into Time Warner
|
|
|
|
|
|
|
|
by
|
|
 Cashing in on the Gulf region’s oil boom, UAE-investment firm Istithmar PJSC has purchased $2 billion worth of shares in U.S. media giant Time Warner, a regulatory filing by the U.S. Security and Exchange Commission (SEC) said in February. Istithmar now controls 2.39 percent of Time Warner through participation notes issued by global asset management firm UBS.
The firm initially signed up one of U.S. investment tycoon Carl Icahn’s companies as an adviser but the deal was terminated in March, according to another SEC filing.
Icahn, who owns three percent of Time Warner shares, backed down in March on a move to break up the $84 billion giant into four groups.
In November, Istithmar PJSC bought New York’s landmark property 230 Park Avenue for an estimated $705 million.
In January, the firm, which was founded in 2003 with a capital of over $2 billion, purchased Inchcape Shipping Services (ISS), the world's largest independent marine management services provider.
|
