Bahraini investment manager Investcorp on July 28 said it had agreed to sell a 20% stake to Mubadala Development Co, a sovereign wealth fund tasked with diversifying Abu Dhabi’s economy.

Under the terms of the transaction, Mubadala will immediately acquire a 9.9% stake in Investcorp and another 10.01% stake after obtaining regulatory approvals. No financial details were disclosed.