ADIA Agrees to Take Minority Stake in Advent-Backed Innio
The Abu Dhabi Investment Authority
is acquiring a significant stake in Advent International’s Austrian power equipment maker Innio. Advent will remain the majority owner of Innio, according to a statement Friday that didn’t disclose
terms of the transaction. ADIA’s investment will accelerate Innio’s growth and support it in leading the
transition to green energy, Advent said. Innio, based in Jenbach, makes gas engines under the
Jenbacher and Waukesha brands as well as other power generation and gas compression machinery. It also
has primary operations in Waukesha, Wisconsin, and Welland, Ontario. Advent had been working with
advisers to consider a listing or sale that could have valued Innio at more than €5 billion ($5.4
billion), Bloomberg News reported last year. Innio, formerly General Electric Co.’s distributed power
business, was acquired by the buyout firm for $3.25 billion in 2018.
Warren Buffett(3290)
