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(Corrects to show GIB Capital is a Saudi-based subsidiary ofBahrain's GIB)
DUBAI, March 25 (Reuters) - Saudi Arabia's Hanco andBahrain's Venture Capital Bank have bought Byrne Investments foraround 600 million dirhams ($163.35 million), the Riyadh-basedcar rental company said in a statement on Tuesday.
Hanco has acquired 75 percent of Byrne, an equipment leasingfirm, and Venture Capital Bank the remaining 25 percent.
Havenvest Private Equity Middle East and HSBC Bank MiddleEast were the sellers.
Byrne says it is the largest company of its kind in theMiddle East with 450 employees and 13 offices across the SaudiArabia, Kuwait, Qatar, Bahrain, Oman and the United ArabEmirates.
It rents out items including office and storage buildings,generators, welding machines and workshops, according to itswebsite.
"Following the transaction we aim to be the leader in theGCC for rental and lease of mechanical assets with a combinedasset base of close to 30,000 units," Hamad al-Sulaiman, Hanco'schief executive, said in the statement.
Abu Dhabi's First Gulf Bank partly financed thedeal, according to the statement, while GIB Capital, aSaudi-based subsidiary of Bahrain's Gulf International Bank(GIB), and law firm Baker & McKenzie advised Hanco on thetransaction.
Hanco, whose main business interests include leasing and carrental, has a fleet of more than 20,000 vehicles, the statementadded. ($1 = 3.6730 UAE Dirhams) (Reporting by Matt Smith; editing by William Hardy)
