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Report: Abraaj fund unit gets $1 bid from Actis


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Banking Essentials Newsletter: September Edition

Report: Abraaj fund unit gets $1 bid from Actis

Abraaj Group Ltd.'s fund unit received a bid of $1 from private equity firm Actis LLP, Bloomberg News reported, citing people familiar with the matter.

Vistria Group LP, Rohatyn Group, Kuwait's Agility Public Warehousing Co. KSCP and Abu Dhabi Financial Group also set out bids for the business, the people said, adding that other firms have offered to acquire regional operations within the unit.

Colony Capital Inc. made a bid for the unit's Latin American operations; Helios Capital Management has offered to acquire the Africa platform; National Bank of Kuwait SAKP unit NBK Capital Partners has set out a bid for Abraaj's Middle East and North Africa business; Centricus Asset Management Ltd. set out a bid for the Turkish and Southeast Asian parts of the unit; while Brookfield Asset Management Inc. could also be interested in parts of the unit, the people said. Abraaj has yet to make a final decision.

Agility confirmed that it had submitted a conditional nonbinding bid to acquire one of Abraaj's units, while the other firms either declined to comment or did not respond to requests for comment, Bloomberg said.

Abraaj liquidators Deloitte LLP and PricewaterhouseCoopers LLP plan to present the offers to limited partners and select buyers by Sept. 7, the people added.