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TPG, Abraaj in exclusive negotiations to buy Kudu

11 Apr 2014

saudi arabia mosque sunset islamPrivate equity firms TPG Capital and Abraaj Group have reportedly made a joint bid for a majority stake Saudi fast-food chain Kudu which is likely to succeed.

TPG and Abraaj have entered exclusive talks with the company’s owners, said Reuters, citing three sources aware of the matter.

Private equity firm KKR has also expressed interest in the business, said the report. Bloomberg reported in September that KKR and Abraaj had been shortlisted for the second stage of the bidding process for Kudu, which operates 200 restaurants.

There is no guarantee that an agreement will be reached, but the parties seem to be confident that something will be secured.

One of the sources said that “they’re still working on it but the feeling seems to be that it’s close to being done.”

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