UAE – Mubasher: Investors in the UAE’s private equity company Abraaj Group have approved UK’s Actis offer to acquire $1.6 billion and $990 million funds of the collapsed company, informed sources told Bloomberg.
The UK’s multi-asset emerging market investor received 75% of investor support required to buy Abraaj Private Equity Fund IV and Africa Fund III, the sources revealed.
The deal has not been concluded yet and is expected to be finalised in the coming weeks.
Last year, Abraaj filed for liquidation, as a response to a group of liquidation petitions after the company was hit by money misuse allegations.
Cayman Islands court approved a request submitted by Abraaj Group for provisional liquidation of its business, allowing for a court-supervised restructuring and the protection of stakeholders’ rights.
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.
