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Sunday, 9 September 2018

Pharos adviser on sale of Spinney’s, Actis makes USD 1 offer for Abraaj’s assets

**#7 M&A WATCH- Pharos said to be advising on Spinney’s sale: Our friends at Pharos Holdings are reportedly the advisers on the sale of Spinney’s by majority owner Abraaj, according to Al Mal. Al Mal’s piece suggests that Pharos is the sell-side adviser on the sale. Spinney’s CEO Mohanad Adly confirmed on Saturday that it had received expressions of interest from five private equity firms looking to buy the company, but gave no further detail.

This came as global private equity firm Actis reportedly made a USD 1 offer to acquire some of Abraaj’s assets, sources close to the matter told Bloomberg last week. We had heard earlier this month that Actis made a bid to acquire “the bulk” of Abraaj Group’s emerging market funds. Actis is up against Abu Dhabi Financial Group as well as a consortium formed by Kuwait’s Agility and New York-based Centerbridge Partners. Rohatyn Group and the Chicago-based middle-market PE firm Vistria Group are also in the running, alongside Colony Capital, which is now looking to acquire Abraaj’s Latin American assets (after its initial offer to acquire all of the firm’s assets was rejected). Helios Capital has reportedly made an offer for the company’s African assets.

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