Mubadala has held talks on the possible transactions with banks and any deal will depend on market conditions, according to news agency Bloomberg, which cited four people familiar with the talks. The Abu Dhabi fund is also looking to sell a stake in US chipmaker Globalfoundries, one source said.
Abu Dhabi is reviewing its largest state-owned companies as a slump in oil prices has put pressure on the emirates finances. The capital of the UAE and source of about 6 per cent of the worlds proven oil reserves may also tap the Abu Dhabi Investment Authority (ADIA) wealth fund and issue local and foreign debt to bridge a deficit brought by lower crude prices, according to the US Fitch Ratings.
As an active investor across multiple sectors, we are continually looking at ways to manage our portfolio in line with our long-term vision and mandate to help drive the diversification of Abu Dhabi, Mubadala spokesman Brian Lott told the news agency.
Mubadala was set up in 2002 to help diversify the UAEs economy away from fossil resources to industries including aerospace, real estate and financial services, with a portfolio of activities now valued at about $65.9bn, according to its website.
The fund was part of a group of three UAE-based investors that bought control of SR Technics in 2006. It became the sole owner of the company in 2011.
Set up in 2007, Yahsat provides multipurpose satellite operations across the Middle East, Africa, and Central and Southwest Asia. Globalfoundries is one of the largest contract manufacturers of semiconductors, competing with market leader Taiwan Semiconductor Manufacturing Company for orders from firms such as the US Apple and Qualcomm.