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FINANCIAL NEWS
Dubai’s Istithmar acquires remaining stake in Atlantis
29 Apr 2012
(MENAFN) Dubai’s state-run investment company Istithmar World announced that it bought Kerzner International Holdings Ltd. in a USD250 million deal, allowing the UAE company to gain full control of Atlantis resort hotel, reported AP.
The company, which already owned half of the coral-colored hotel, added that financially troubled Kerzner will still run the resort.
On the other hand, Dubai World, Istithmar’s parent, said that the acquisition is in line with the firm’s strategy of operating its assets for value and investing selectively where there are growth opportunities.
It is worth noting that Kerzner consented to give up its stake in the Dubai property and a similar resort in the Bahamas as it struggled to restructure USD2.6 billion in debt.
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