ADQ, an investment and holding company based in Abu Dhabi, and Bank Audi sal, one of Lebanon’s foremost banks, announced the signing of a definitive agreement for ADQ to acquire 96 percent of the share capital of Odea Bank A.Ş. (Odeabank), a subsidiary of Bank Audi in Türkiye.
Under this agreement, Bank Audi, along with other investors such as the International Finance Corporation, IFC FIG Investment Company Sarl, and the European Bank for Reconstruction and Development (EBRD), will sell their respective shares in Odeabank to ADQ.
Commitment to growth
Mansour AlMulla, deputy group chief executive officer at ADQ, emphasized that the acquisition of Odeabank highlights their commitment to investing in assets that support the sustainable growth of their portfolio companies and the broader economy. He noted that by joining ADQ, Odeabank would gain access to new capital, enabling it to leverage synergies with their extensive portfolio, supported by favorable market conditions in Türkiye. He expressed confidence that this would expedite the realization of Odeabank’s growth objectives while fostering technological advancements within the financial services sector.
Khalil El Debs, chief executive officer of Bank Audi, mentioned that the transaction aligns well with Bank Audi Group’s current strategic focus on their domestic market and European presence. He expressed satisfaction in attracting the interest of a global institution like ADQ for the acquisition of Odea Bank A.Ş., their Turkish subsidiary.
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Recent investments
In 2022, ADQ established a $300 million fund in partnership with the Türkiye Wealth Fund, aimed at investing in companies that are either developing emerging technologies or enhancing existing technologies across key sectors. That same year, ADQ acquired Birgi Mefar Group, a leading Turkish pharmaceuticals company, which has since integrated into ADQ’s wholly owned global life sciences holding company, Arcera.
In 2023, ADQ signed two memoranda of understanding with Türkiye to strengthen bilateral relations and support its economic development.
Diverse portfolio
ADQ’s diverse portfolio covers critical sectors of Abu Dhabi’s rapidly evolving economy, including energy and utilities, food and agriculture, healthcare and life sciences, and transport and logistics, among others. Its Financial Services cluster also includes the Abu Dhabi Securities Exchange (ADX) and Wio Bank.
Moreover, this transaction is subject to standard regulatory approvals, including those from Türkiye’s Banking Regulation and Supervision Authority and the Competition Authority.
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