Abraaj sells stake in regional health diagnostics firm
Abraaj Group has sold a 21 per cent stake in the Egyptian private sector healthcare firm Integrated Diagnostics Holdings (IDH) to the London-based private equity firm Actis, the firm said.
Abraaj, the Middle East’s largest private equity firm, did not disclose the size of its remaining stake in IDH, which is one of the largest private sector healthcare diagnostics service providers in the region, with services in Egypt, North Sudan and Jordan.
IDH was created in 2012 after a merger between Al Mokhtabar and Al Borg Laboratories. Abraaj had invested in Al Borg Laboratories in 2008 through one of its funds.
“We look forward to bringing the expertise we’ve gained from healthcare investments in China, India and elsewhere in emerging markets to IDH and supporting the business into its next phase of growth,” said Rick Philips, the head of North Africa at the emerging markets-focused Actis.
Abraaj, which has assets of about US$7.5 billion, has invested $2.6bn in Africa over the past two decades through 80 investments in the continent.
The Dubai-based firm also has a big exposure to the healthcare sector, with 26 global investments, worth more than $800m.
Abraaj is expanding its investments in Egypt, the Arab world’s most populous nation with a population exceeding 85 million.
Abraaj is currently in a bidding war with Kellogg, the world’s biggest breakfast cereal maker, over the acquisition of Bisco Misr, the biggest publicly traded Egyptian maker of cakes and biscuits.
Abraaj has increased its offer to buy Bisco to 926.67 million Egyptian pounds (Dh476.8m) from about 850m Egyptian pounds.
Abraaj owns stakes in other high profile firms including Egypt’s Orascom Construction, the Sharjah-based low-cost carrier Air Arabia and supermarket chain Spinneys.
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Published: December 16, 2014 04:00 AM