Wednesday 22 January 2014

Abraaj to buy a majority stake in Turkish dairy company | GulfNews.com

Abraaj to buy a majority stake in Turkish dairy company | GulfNews.com:



"Dubai-based private equity group Abraaj has agreed to buy a majority stake in Turkish dairy company Yorsan Group in spite of concerns over the country’s political and economic stability.



Abraaj, founded by Pakistani businessman Arif Naqvi, would invest alongside the European Bank for Reconstruction and Development and the Yoruk family, the company said. The terms of the transaction were not disclosed. Abraaj is targeting private equity deals in emerging markets, with a primary focus on the Middle East, Africa and Turkey. This is the group’s seventh investment in Turkey.



The investment follows Abraaj’s purchase of Fan Milk International, west Africa’s largest maker of frozen dairy products, with French yoghurt maker Danone for more than $300 million (Dh1.1 billion) in October."



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