A potential $500 million sale of a 79-percent stake in Gulf Marine Services (GMS) by its Abu Dhabi-based private equity owner has collapsed due to financing issues and differences over valuation, three sources said.
They said that talks between seller Gulf Capital, a regional private equity firm with around $1 billion in assets and two bidders shortlisted from over a dozen suitors had ended, in a fresh blow to private equity exits in the region.
"There was a buy-sell price gap and the buyers could not get the financing sorted out. American and European investors were the final bidders but talks are now back in ground zero," said one of the sources.
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