Kuwait's Agility teams up with Centerbridge on Abraaj bid -source | Reuters

Kuwait's Agility teams up with Centerbridge on Abraaj bid -source | Reuters:

Kuwait’s Agility has teamed up with New York-based Centerbridge Partners for its bid to acquire all or part of stricken Middle East private equity firm Abraaj, according to a finance source.

The pair are among potential buyers to emerge for the investment management unit of Dubai-based Abraaj, which filed for provisional liquidation in the Cayman Islands in June after months of turmoil related to a row with investors over the use of their money in a $1 billion healthcare fund.

Agility’s aim in partnering with Centerbridge, which has experience in managing distressed assets, is to make its offer more attractive to limited partners in Abraaj’s funds, creditors and the provisional liquidators, the finance source said.