Mubadala’s Up To $920 Million Du Stake Sale Sells Out

Abu Dhabi’s Mubadala Investment Co. had demand for all shares on offer in a sale of part of its stake in telecom operator Du that could draw as much as $920 million, according to terms of the deal seen by Bloomberg News.

The wealth fund is offering a 7.55% stake or 342 million shares in Du, officially known as Emirates Integrated Telecommunications Co PJSC, at between 9 and 9.90 dirhams each, according to a statement. At the higher end of the range, which matches its closing price on Thursday, it could raise as much as 3.39 billion dirhams ($920 million).