Dubai Int'l buys 'substantial' Sony stake

Nov. 26, 2007 at 3:47 PM   |   0 comments

TOKYO, Nov. 26 (UPI) -- Private-equity firm Dubai International Capital LLC said Monday it bought a "substantial" stake in Sony Corp.

It did not state the stake's size, but Chief Executive Officer Sameer al-Ansari said last week the firm planned to invest $500 million in an unnamed "Japanese-headquartered company we like very much."

Dubai International said in July it might invest up to $1.5 billion in one or two publicly listed Japanese companies.

A $500 million investment represents almost 1 percent of Sony, whose market value is about $51.3 billion.

Representatives of Dubai International, the international investment arm of government-owned Dubai Holding LLC, and Tokyo-based Sony, the world's No. 2 consumer electronics maker, would not comment on the purchase's timing or financial terms.

A Sony spokesman said Sony was pleased by the investment.

Dubai Holding is controlled by Sheik Mohammed bin Rashid al-Maktoum, who holds holds 99.67 percent of the company.

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