Summary Box: Abu Dhabi fund buys stake in EBX

AP News
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Posted: Mar 26, 2012 1:17 PM
Summary Box: Abu Dhabi fund buys stake in EBX

BRAZIL BONANZA: Mubadala Development Co., the Abu Dhabi investment firm with stakes in General Electric Co. and the Carlyle Group, will pump $2 billion into Brazil's EBX Group as it looks to tap into the growing South American market.

WHAT IS EBX?: EBX, controlled by founder Eike Batista, has interests in a range of industries, including mining, energy and power generation. It is the holding company for five publicly listed companies in Brazil _ OGX, OSX, MMX, LLX and MPX.

THE MONEY: The deal for a 5.63 percent stake marks Mubadala's first major investment in Brazil. EBX plans to use the fresh funds to strengthen its financial position and pay for new business ventures.