Abraaj Capital, the Dubai-based private equity company, said on Tuesday it has dropped plans to acquire stake in Egyptian private equity firm Citadel Capital.
Abraaj “is no longer currently exploring a transaction with Citadel Capital” the company said in a statement.
“This does not preclude Abraaj Capital from exploring such a transaction in the future should performance, deal terms and, or circumstances change,” it said.
Abraaj Capital confirmed that it had been in exploratory discussions regarding a potential transaction with Citadel Capital senior management for the past two months.
“However these discussions were of an initial nature to evolve a framework, deal terms and mechanics that could be workable for both parties. As no agreement has been reached to date between the two parties, Abraaj Capital feels it is appropriate to disclose this fact to the respective stakeholders in order to quell further speculation on this matter,” the statement added.
Headquartered in Dubai, Abraaj said it regularly explores potential investment opportunities in the MENASA region.
“Some of these transactions for various reasons may not reach closure. The group strongly believes in the economic fundamentals of the region and remains committed to identifying future investment opportunities in Egypt specifically, and the wider MENASA region in general, and continues to enjoy a robust pipeline of potential transactions at various stages of execution,” it said.
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