Abu Dhabi: The Abu Dhabi government has hired consultancies Bain & Co and Landor Associates to advise on the merger of Mubadala with International Petroleum Investment Company (Ipic), a source close to the discussions told Gulf News.
“Both entities have signed contracts and started work. The merger will be completed by the end of 2017,” said the source.
Bain & Co will focus on potential structure of the new entity and overall business model whereas Landor Associates will be dealing with the brand and how the company will be represented, the source added.
Abu Dhabi government took the decision to merge the two companies in June. A joint committee chaired by Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs was constituted to oversee the merging of the businesses of the two entities.
The two companies have combined assets of over $130 billion with Ipic and Mubadala having $65 billion (Dh239 billion) each. The operations of both Ipic and Mubadala are spread across the globe including in Europe, Canada, the US and Asia. Ipic has presence in Austria, Spain, Canada.
A statement on WAM at the time said integrating the two entities would create greater benefits and enhanced economic value to the government of Abu Dhabi and will realise synergies and growth in multiple sectors including the energy and utilities sector, technology, aerospace, industry, health care, real estate and financial investments.
