Abraaj fund unit receives $1 bid

Dubai – Mubasher: The Abraaj Group has received a $1 bid for its fund unit from private equity firm Actis, sources familiar with the matter said.

Sources indicated that the fund unit had managed around $14 billion at its peak and was one of the most influential emerging market investors, Bloomberg News reported.

Chicago’s Vistria Group, Rohatyn Group, Kuwait’s Agility Public Warehousing Co, and Abu Dhabi Financial Group have also made bids, the sources said.

Colony Capital, whose earlier offer for the entire fund business was rejected, is now bidding for its Latin American operations, whereas Helio Capital Management is bidding for the Africa business.

NBK Capital, the investment banking unit of National Bank of National Bank of Kuwait, presented an offer for the Dubai-based firm's Middle East and North Africa business.

Moreover, London-based investment firm Centricus have presented regional offers for the Turkish and South East Asian operations, sources said, pointing out that Brookfield Asset Management may be also interested in parts of the overall business.

Sources revealed that no final decisions were made and other bids were received.

Agility said it has submitted “a conditional non-binding offer” to acquire one of Abraaj’s units, while representatives for Abraaj’s liquidators, Actis, Helios, ADFG, Brookfield, NBK, Colony, and Centricus declined to comment.

Abraaj’s court-appointed restructuring team seeks to settle over $1 billion in debts through asset sales, but the process has proven to be complicated, according to Bloomberg.

Deloitte LLP and PricewaterhouseCoopers LLP plan to offer additional bids for the fund business to limited partners and choose buyers by Friday, sources noted.

The ailing private equity firm Abraaj Group was accused of mishandling a $1 billion healthcare fund and audits discovered that the UAE-based company commingled investor funds with its own money in the healthcare fund.

Mubasher Contribution Time: 06-Sep-2018 06:41 (GMT)
Mubasher Last Update Time: 06-Sep-2018 07:20 (GMT)