After several months of dispute with its partners including the Bill & Melinda Gate Foundation and the International Finance Corporation, Abraaj Group has finally sold its private equity activities in Africa to Colony Capital, in order to get out of these disputes.
Abraaj Group and Colony Capital, has announced that they have reached agreement on the principal terms for the sale and purchase of the Group’s Latin America, Sub Saharan Africa, North Africa and Turkey Funds management business and the Group’s Limited Partnership interests in the underlying Funds, along with staff in the eight offices being transferred under the terms of the deal.
Colony has also agreed to oversee, on an interim basis, other Group Funds that are not being acquired so that the Group and all its stakeholders have a comprehensive global solution in place.
Colony is a leading global investment management firm. Colony has significant holdings in the healthcare, industrial and hospitality sectors, in addition to other private equity and debt investments, with an embedded institutional and retail investment management business. It was founded by Thomas J. Barrack, Jr. in 1991.
Abraaj was founded in 2002 by Arif Naqvi and emerged to become a leading private equity investor in growth markets with a regional footprint spanning Latin America to South East Asia. Abraaj has investments which include a portfolio of mature businesses covering diverse sectors including financial services, FMCG, industrials, healthcare, education, manufacturing and logistics.
Published at 06/07/2018