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U.A.E. Wealth Fund Boosts Du Holding With $630 Million Stake

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Photographer: Christopher Pike/Bloomberg
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The United Arab Emirates’ sovereign wealth fund boosted its stake in Dubai-based telecom operator Du, snapping up a stake valued at about $630 million.

The Emirates Investment Authority bought 463.3 million shares in the phone company from Mamoura Diversified Global Holding and General Investments in a special deal, according to a statement. It represented about 10.2% of Du’s issued share capital. The statement didn’t provide a value for the deal.