Abu Dhabi Wealth Fund Mubadala Expanding With Investment in Germany’s Evotec

(Bloomberg) — Mubadala Investment Co. will invest 200 million euros ($235 million) in German pharmaceutical company Evotec SE as part of the Abu Dhabi wealth fund’s plans to expand its portfolio.

© BLOOMBERG NEWS A Mubadala Development Co. employee walks past the company’s logo at their exhibition booth during the Singapore Airshow in Singapore.

Mubadala, which manages $232 billion in assets, is among Gulf sovereign funds plowing their oil and natural gas wealth into technology to lessen their reliance on crude and help diversify their economies. The fund has said over the past few years that it’s looking to boost its investments in technology.

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It will subscribe to 9.2 million Evotec shares, taking about a 5.6% stake in a private placement, according to a statement. The shares were sold at 21.78 euros, a 3.4% discount to Evotec’s Oct. 12 close of 22.55 euros.

Last month, Mubadala bought a stake of about 5% in private equity firm Silver Lake and said it would invest $2 billion in a technology fund run by the firm. Earlier this year, it joined regional and global investors that poured billions of dollars into the telecommunications and digital services business controlled by Indian billionaire Mukesh Ambani.

Evotec also said Novo Holdings will invest 50 million euros to subscribe to 2.3 million shares, taking its stake in the company to about 11%.

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