Abraaj Capital close to deals worth $400m
Managing director says private equity firm is in advanced due diligence stages
Abu Dhabi: Abraaj Capital, the Middle East's largest private equity firm, plans to invest up to $400 million (Dh1.5 billion) in two deals and hopes to close the transactions before the end of the year, a top company executive said Monday.
"We're in advanced due diligence stage on two deals and hope to close before year end," Abraaj Capital's managing director Mustafa Abdul Wadood said on the sidelines of a private equity event in Abu Dhabi.
"One of the targets is a financial services firm in the UAE and another a pharmaceutical firm outside the GCC," he added.
Abraaj, which currently has around $6.5 billion in assets under management, will invest in the two deals from its $2 billion Buyout Fund 4, Abdul Wadood said. "The aggregate ticket size for both deals is about $300 million-$400 million with co-investor equity. The deals will have a debt portion as well," he added.
The development comes amid indications that private equity deals in the region, along with corporate activity, are picking up.
