Middle East alternative investment firm Investcorp has acquired a 50% stake in the $4.8 billion infrastructure business of US firm Corsair Capital, the two companies announced on Monday.

The transaction was completed via the establishment of a new entity, Investcorp Corsair Infrastructure Partners (Investcorp Corsair), jointly owned by the two companies, they said in a statement.

The new entity comprises the infrastructure business’ existing funds, investments, and teams, which will continue to focus on a scalable investment strategy in transportation, logistics and associated infrastructure subsectors.

Corsair’s head of infrastructure Hari Rajan will lead the business as Managing Partner of Investcorp Corsair, the statement said.

The team remains based in New York, with additional presence in London, Madrid, and Sydney, the statement added.

Corsair was the principal financial sponsor behind the redevelopments of Terminal 6 at John F. Kennedy International Airport and Terminal B LaGuardia Airport in New York.

With $50 billion in assets under management (AUM), Investcorp is best known for listing luxury goods brands, such as Gucci and Tiffany & Co.

Abu Dhabi state fund Mubadala Investment Company acquired 20% of the firm in 2017.

Reuters