Dubai: Dubai-listed Amanat Holdings on Monday confirmed that it had entered into an agreement to acquire 100 per cent of Middlesex Associates, the company that owns and operates Middlesex University Dubai.
Amanat said it entered into the deal “on an arm’s length basis,” adding that the agreement had been reached on June 8 with Mocha Education Holdings.
The company said it had been notified, prior to this deal being struck, that Abraaj Holdings indirectly owned a 6 per cent stake in Middlesex Associates.
Media reports last week citing unnamed sources said Abraaj, which filed for provisional liquidation earlier in June, had reached a deal to sell its stake to Amanat for about $100 million (Dh367.3 million).
In its statement on Monday, Amanat did not disclose the value of the deal. It said the completion of the transaction is subject to various conditions, and that it will disclose details upon deal completion. It also highlighted that it had made the acquisition prior to provisional liquidators being appointed for Abraaj Holdings and Abraaj Investment Management.
Amanat added that it is not an investor in the Abraaj Group, its projects, or any funds that it manages.