Mubasher: The Abraaj Group has reached an agreement to sell its stake in Middlesex University’s Dubai campus to Amanat Holdings for about $100 million, people with knowledge of the matter said.
An initial agreement has been signed and the deal is about to be completed, the people said, asking not to be identified because the information is private, added.
It is expected for Dubai-based Amanat to own all of the UK-based university’s campus, which had annual revenues of about $40 million, one of the people said.
“The acquisition of Middlesex came in at a really good time for Amanat and a terrible time for Abraaj who is selling it at what I see as a discount,” Issam Kassabieh, senior financial analyst at Mena Corp. in Dubai told Arabian Business.
It is noteworthy that last week, a court in the Cayman Islands appointed provisional liquidators for the holdings and investment management units of Abraaj, which was once one of the developing world’s most influential buyout firms.
Amanat is seeking to boost its footprint in the Middle East education sector. The GCC’s largest healthcare and education investment firm owns 35% and 21.7% of Abu Dhabi University Holding Company and Taaleem Holdings, respectively.
