Abraaj sells stake in UAP Holdings
Abraaj has exited the East African insurance company UAP Holdings through the sale of its 13.6 per cent stake, the Dubai-based private equity firm said today.
Old Mutual, a London-listed international investment, savings, insurance and banking group, bought the stake for an undisclosed price.
Abraaj had invested in UAP through one of its funds in 2012, alongside the Tunisian private equity and venture capital firm Africinvest Group and the Swedish investment company Swedfund.
Abraaj has deployed about US$3 billion in Africa over more than a decade. It has more than 19 investments in East Africa, including the Kenyan company Brookside Dairies and the Kenyan company ARM Cement.
With assets exceeding $9bn, Abraaj is one of the largest private equity companies in the Middle East and North Africa. It has stakes in companies such as the low-cost carrier Air Arabia and the supermarket chain Spinneys.
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