Mubadala in talks with GE for Turkey buy

Mubadala, the Abu Dhabi-backed investment and development company, is in talks to partner with General Electric Capital to buy a Turkish factoring business, according to a Turkish newspaper report. The two firms also ready have close links through Mubadala’s 0.2 percent stake in GE and the Istanbul-based Vatan newspaper claimed they were in talks to buy a mid-sized Turkish factoring firm, citing an unnamed banker. Factoring firms operate by selling accounts receivable (such as invoices), to a third party (called a factor) at a discounted rate. A spokesperson from Mubadala declined to comment on the speculation.