Abraaj Fund gets $1bn bid from equity firm Actis
DUBAI, September 8, 2018
UAE-based Abraaj Group’s fund unit, which managed about $14 billion at its peak and was one of the most influential emerging market investors, received a bid from private equity firm Actis for $1 billion, said a report.
Chicago-based Vistria Group, Rohatyn Group, Kuwait’s Agility Public Warehousing Company and Abu Dhabi Financial Group also made offers for the floundering Middle Eastern buyout firm’s business, reported Bloomberg, citing people familiar with the matter.
Abraaj’s liquidators are also getting offers for regional operations within the unit, the people said. Colony Capital, whose earlier bid for Abraaj’s entire fund business was rejected, made an offer for its Latin American operations, while Helios Capital Management is bidding for the Africa platform, they stated.
NBK Capital, the investment banking unit of National Bank of Kuwait, made an offer for Abraaj’s Middle East and North Africa business, they added.
London-based investment firm Centricus, run by co-founders Nizar Al-Bassam and Dalinc Ariburnu, made an offer to buy the Turkish and South East Asian portions of the business, two of the people said. Brookfield Asset Management may also be interested in parts of the unit, the people said.
No final decisions have been made and the unit has received offers from other bidders, too, the people said.
Abraaj’s court-appointed restructuring team is seeking to settle more than $1 billion in debts through asset sales, but the process of breaking up one of the most influential emerging-market investors has proven to be complicated, reported Bloomberg.
Deloitte LLP and PricewaterhouseCoopers LLP are seeking additional offers for the fund business after its investors rejected earlier bids, it added.
