DUBAI: Mubadala Development Company, the Abu Dhabi state-owned fund, said on Tuesday it has acquired Hewlett Packard’s 40 per cent stake in joint venture Injazat Data Systems for an undisclosed sum.
The deal follows HP’s announcement on Monday it is separating its computer and printer arm from its corporate hardware and services operations into two listed companies.
Mubadala said in a statement the deal “reaffirms its approach of actively investing in robust Information and Communication Technology (ICT) infrastructure.”
Injazat, which provides information technology outsourcing and cloud services, owns a data centre facility in Abu Dhabi.
Mubadala had held a 60 per cent stake in the information technology company before Tuesday’s announcement.
“Taking full ownership of Injazat is another significant step in the growth and maturity of Mubadala in this sector as we build upon our portfolio of reliable and secure data storage solutions and establish a thriving ICT industry here in the UAE,” said Humaid Al Shemmari, chief executive of Aerospace and Engineering Services at Mubadala.
Al Shemmari also left the door to open to future partnerships with HP.
“We look forward to working with HP on future endeavours and exploring other synergistic opportunities,” he said.
Ebrahim Lari, chief executive of Injazat Data Systems, attributed the company’s growth to HP in Tuesday’s statement.
“We combined local expertise with HP’s knowledge and global reach to become one of the main IT services providers in the UAE and one of the leaders in the region,” he stated.
Unlisted Injazat does not release details of its financial performance.
Lari also said the company will continue to offer HP’s service “in addition a broader range of IT products.
Mubadala, Injazat and HP could not be reached for further comment by Gulf News on Tuesday.
Mubadala also owns Khazna, a wholesale data centre with facilities in Abu Dhabi and Dubai. Last month, Mubadala announced the appointment of former Hassan Al Naqbi, a former Du executive, as chief executive of Khazna.
