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Wednesday, 18 July 2018

Abu Dhabi Capital Management makes USD 55 mn offer for Abraaj Group’s assets

Abu Dhabi Financial Group’s Abu Dhabi Capital Management has made a USD 55 mn offer for Abraaj Group’s assets, “challenging a bid from Cerberus Capital Management,” sources told Bloomberg yesterday. The firm told Abraaj — which is liquidating and undergoing a court-ordered restructuring after allegations surfaced about the misallocation of funds — that “it would pay USD 30 mn to buy the rights to manage Abraaj’s funds and USD 25 mn to cover the company’s costs and end-of-service payments for employees,” according to the sources. Cerberus had made a bid for USD 25 mn. Colony Capital is also said to be in advanced talks to acquire a number of Abraaj’s funds and Global PE firm Actis has reportedly started talks to acquire the Group’s stake in Nahda University.

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