Investcorp to acquire 3i’s debt management arm

London: Bahrain-based alternative investor Investcorp Bank BSC agreed to buy the debt management arm of 3i Group Plc, more than doubling its assets under management.

Investcorp has agreed to pay £222 million ($271 million; Dh996 million) for the business, the company said in a statement Tuesday. The 3i unit will add $12 billion (Dh44 billion) to the firm’s assets under management, bringing Investcorp’s total to about $23 billion, the company said.

The acquisition, Investcorp’s largest ever, will be fully funded through the company’s balance sheet, the company said. The firm is working to build its assets under management to $25 billion in the medium-term.