US-based private equity firm KKR and Co. seeks to purchase a 25% stake in Lebanon-based Azadea Group, the operator for Zara and Virgin Megastores, Bloomberg reported citing three sources familiar with the matter but who spoke on condition of anonymity.
Meanwhile, Fajr Capital Ltd., which is backed by investors including Dubai-based Majid Al Futtaim Holding LLC (MAF) and the Malaysian sovereign wealth fund Khazanah Nasional Bhd., is also bidding for the stake, worth $300 million to $400 million, the sources said, adding that Lebanon’s Daher family, which owns the majority of the Azadea Group, is selling a 25% stake with PricewaterhouseCoopers acting as the Daher family’s advisor on the sale. It is worth highlighting that the deal would be the first in the region for KKR as demand for investments in the consumer sector has risen in recent years.
Earlier in 2014, KKR was competing to buy a majority stake in Saudi Arabian restaurant business Kudu.
Meanwhile, Fajr Capital Ltd., which is backed by investors including Dubai-based Majid Al Futtaim Holding LLC (MAF) and the Malaysian sovereign wealth fund Khazanah Nasional Bhd., is also bidding for the stake, worth $300 million to $400 million, the sources said, adding that Lebanon’s Daher family, which owns the majority of the Azadea Group, is selling a 25% stake with PricewaterhouseCoopers acting as the Daher family’s advisor on the sale. It is worth highlighting that the deal would be the first in the region for KKR as demand for investments in the consumer sector has risen in recent years.
Earlier in 2014, KKR was competing to buy a majority stake in Saudi Arabian restaurant business Kudu.
Source:
Mubasher
