By Staff writer
Fajr Capital and Majid Al Futtaim reportedly chasing 25% stake in Azadea Group which runs Middle East ops for brands such as Gap, Zara and Superdry
Two Dubai-based companies are reportedly set to bid for a 25 percent stake in Azadea Group, the franchise operator of leading retail brands in the Middle East.
Bloomberg reported that a joint bid by KKR & Co and Dubai-based Fajr Capital and a separate bid by Dubai-based Majid Al Futtaim Holding are taking part in the second round of bidding for the Lebanese company.
It added that bidding will probably begin on January 19 and Azadea’s owners expect to reach exclusive talks by the end of this month, Bloomberg said, citing people close to the matter.
Last month, it was reported that Azadea Group, which represents brands such as Gap, Zara and Superdry across the Middle East, aims to raise up to $500 million with the sale of a minority stake in the business.
Based in Lebanon but with operations across the wider Middle East, North Africa, Turkey and Pakistan, Azadea expects to fetch between $400 million and $500 million with its offer of a 25 percent stake, two banking sources told Reuters.
Founded in 1978 by Wassim Daher, the current chairman, Azadea maintains a strong family presence in the running of the business. Said Daher, one of Wassim's sons, is chief executive while another, Hassan Daher, is managing director.
Azadea operates more than 50 franchises across through more than 500 stores, according to its website.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.