Carlyle Sells 7.5% Stake To Mid-East Investment Co.

Sep 24 2007 | 11:13am ET

Private equity giant The Carlyle Group has sold a 7.5% stake to an affiliate of Mubadala Development Co. for $1.35 billion in cash. Mubadala’s minority investment includes no voting rights and is subject to value-related protective rights.

The deal is expected to close in October. Goldman Sachs advised Mubadala on the transaction, and Citigroup Global Markets Carlyle.

Mubadala, which also committed $500 million to an investment fund managed by Carlyle, joins the California Public Employees’ Retirement System as a strategic investor in Carlyle. CalPERS purchased a 5.5% stake in 2000.

“We feel this is an affirmation of the global business model we have created and a reflection of Carlyle’s 20-year record of top-quartile returns,” said Carlyle co-founder David Rubenstein. “These resources, like the earlier investment by CalPERS, will add to Carlyle’s capital base, strategically expand our business and be used for additional investments.”

Carlyle has 900 employees operating in 21 countries managing $76 billion committed to 55 funds.

Mubadala Development Company is a strategic investment and development company headquartered in Abu Dhabi.

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