The Middle East private equity industry has boomed and ballooned in recent years, but there have been no “barbarians at the gate”-type acquisitions of listed companies.
While the credit crunch means US-style hostile leveraged buy-outs of publicly listed companies are still far off the agenda, private equity executives say depressed valuations of regional stocks present an enticing opportunity.
It takes time for equity market valuations to filter down to the privately held sector – dominated by family groups, which are loath to sell at depressed prices – but public stocks are readily and cheaply available.
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