Bahrain-based fund management firm ASMA Capital Partners has agreed to acquire a minority stake in the water business of United Arab Emirates-based utility company Utico in a deal worth US$147 million. ASMA—which is owned by the Islamic Development Bank, Saudi Arabia's Public Investment Fund and Public Pension Agency and the ministries of finance of Bahrain and Brunei—will invest through IDB Infrastructure Fund II. The transaction, which includes an equity investment and project finance, is expected to close in the first quarter of 2017.