Abraaj, TPG seeking funding for Kudu stake acquisition

June 11, 2014 12:02 am

UAE’s Abraaj Group and TPG Capital are seeking funding for the potential acquisition of Saudi fast food chain, Kudu, Bloomberg has reported, citing three people with knowledge of the matter. The two private equity firms are negotiating with banks to borrow about SR700m ($187m), the people said. The firms are seeking to buy a 60% stake valued at SR1bn, two of the people said, with the remaining funds coming from existing resources. The deal should be completed in the second half of the year, according to the people.