US-based private equity firm TPG Capital is reportedly in talks to buy the Spinneys supermarket chain in Egypt from Dubai’s Abraaj Group.
Bloomberg cited two people with knowledge of the matter as saying that TPG is the preferred bidder for the business, which may be worth about $100 million.
No final decision has been made and talks may still falter, Bloomberg quoted the sources as saying.
TPG teamed up with Abraaj in 2014 to buy a majority stake in Saudi Arabian fast-food chain Kudu, its first investment in the Middle East, Bloomberg added.
Spinneys was founded in Alexandria in 1924 and acquired by Abraaj in 2004. The retailer has outlets in Egypt, Jordan, Lebanon and Qatar and operates in the UAE under franchise.
Representatives for TPG Capital and Abraaj declined to comment, Bloomberg said.
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