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Abu Dhabi Financial Group agreed to a reverse merger with Shuaa Capital PSC that will create a bank managing $12.8 billion of assets. The deal values the Abu Dhabi firm's equity at 1.5 billion dirhams ($408 million) to 1.6 billion dirhams, ADFG Chief Executive Officer Jassim al-Seddiqi said in an interview Wednesday. It also gives the combined entity a valuation of 2.8 billion dirhams and values Shuaa at 1.12 dirhams a share, a 21 percent premium to Tuesday's closing price.Shuaa will issue 1.47 billion new shares to Abu Dhabi Financial Group's parent company Abu Dhabi Capital Management in return for the entire issued share capital of ADFG, according to a statement.
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