A Middle East private equity consortium led by Bahrain-based Investcorp has agreed to acquire a majority stake in a Saudi Arabian gold and jewellery company, betting that the Middle East’s young and affluent demographic composition will see off the worst of the downturn.
The group will take a total 70 per cent stake in L’Azurde, the world’s fourth largest gold and jewellery manufacturer, in a deal that values the company at more than $300m, financiers behind the deal told the Financial Times.
Investcorp – which has owned Tiffany, the jewellery chain, and Gucci, the luxury goods group – will take a 51 per cent stake in L’Azurde.
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