TPG Said in Talks to Acquire Abraaj’s Spinneys Chain in Egypt - Bloomberg

TPG Said in Talks to Acquire Abraaj’s Spinneys Chain in Egypt - Bloomberg:

"TPG Capital is in talks to buy the Spinneys supermarket chain in Egypt from Abraaj Group, in what would be the U.S. buyout firm’s first deal in the North African country, two people with knowledge of the matter said.
Fort Worth, Texas-based TPG is the preferred bidder for the business, which may be worth about $100 million, the people said, asking not to be identified because the information is private. The private-equity firm would enter into a franchise agreement with Spinneys as part of the deal, one of the people said. No final decision has been made and talks may still falter, the people said.
TPG teamed up with Abraaj in 2014 to buy a majority stake in Saudi Arabian fast-food chain Kudu, its first investment in the Middle East. TPG was also among bidders for Kuwait Food Co., the operator of KFC restaurants in the Middle East and North Africa. Kuwait Foods is now in talks to sell itself to a group of investors led by Emaar Properties PJSC Chairman Mohamed Alabbar."



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