Buyout Firm General Atlantic Seeks Mideast Deals Amid Oil Slump - Bloomberg Business:
"General Atlantic LLC, a New York private equity firm that’s invested in Facebook Inc. and Uber Technologies Inc., plans further acquisitions in the Middle East after completing its first deal and may open an office in the region, Chief Executive Officer Bill Ford said.
The buyout firm, with more than half of its portfolio outside the U.S., is interested in family businesses and entrepreneurial companies in the technology industry, he said in an interview. General Atlantic typically invests as much as $2.5 billion a year globally in as many as 12 deals, he said. The company said Wednesday it partnered with Warburg Pincus, another U.S. private equity firm, to buy a 49 percent stake in Dubai-based payment-processor Network International for an undisclosed amount from Abraaj Group .
U.S. private equity investors are increasingly targeting the Middle East, where the slump in oil prices has depressed asset values and demographic and economic trends offer the potential for long-term growth. TPG Capital Management LP partnered with Abraaj Group to buy a stake in Saudi fast-food chain Kudu in April, while Leon Black’s Apollo is also interested in deals in the region, people with knowledge of the matter said in September."
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