Dubai's ICD to buy Kerzner stake

Investment Corp of Dubai (ICD), the emirate’s sovereign wealth fund, has agreed to buy about 46 per cent of hotel management firm Kerzner International, sources aware of the deal said.

The sources, speaking on condition of anonymity because the matter is not yet public, did not reveal the price of the deal. Executives from ICD could not immediately be reached to comment.

The stake will be bought from the founders, the sources said. Istithmar World, a unit of state-owned Dubai World, already owns 25 per cent of Kerzner, while Goldman Sachs also has a stake.

Among its properties, Kerzner manages the Atlantis and One & Only resort chains; much of its business is now focused on Dubai.
 

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