Dubai: Abu Dhabi-based private equity firm Gulf Capital is in the final stage of acquiring close to 80 per cent of regional consultancy firm Reach Group, two sources close to the transaction told Reuters.
Gulf Capital will be closing the transaction during the first quarter this year through its $533 million (Dh1.9 billion) Private Equity Fund II, one of the sources said.
The deal may be valued at around Dh100 million, according to the source. The sources did not want to be identified as the matter has not been made public yet.
Abu Dhabi-based Reach Group, founded in 1999, offers management consulting, information technology, recruitment and outsourcing services. It has offices in the UAE, Kuwait and Jordan, according to the company website.
Neither Gulf Capital Chief Executive Karim Al Solh nor executives at Reach Group were available for comment.
Al Solh had told Reuters in an interview in November the company was in the final stages of acquiring majority stakes in four regional firms.
The company last month acquired an 82.7-per cent stake in power generation provider Sakr Energy Solutions FZCO. It did not provide the value of the deal.
Gulf Capital, which currently has around $1 billion of assets under management, is planning to exit two investments in 2012, including its stake in Gulf Marine Services, Solh said in September.
