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Investcorp in Talks to Buy AC Milan for $1.1 Billion

AC Milan's Olivier Giroud controls the ball during their Italian Serie A football match against Bologna at the San Siro stadium in Milan on April 4.

AC Milan's Olivier Giroud controls the ball during their Italian Serie A football match against Bologna at the San Siro stadium in Milan on April 4.

Photographer: Miguel Medina/AFP/Getty Images

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The Middle East’s biggest alternative asset manager was said to be in exclusive talks to buy Italy’s AC Milan, the seven-time European soccer champion once owned by former Prime Minister Silvio Berlusconi.

Investcorp, which has among its shareholders Abu Dhabi sovereign fund Mubadala Investment Co., is in discussions with Elliott Management Corp. to buy the iconic club for an enterprise value of 1 billion euros ($1.1 billion), according to people familiar with the matter. Representatives for Investcorp, Elliott and AC Milan declined to comment.