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November 16, 2017

‘Abraaj to complete Turkey acquisition’

Business

November 16, 2017

ISTANBUL: Dubai-based Abraaj Group will complete at least one acquistion in Turkey in the first half of next year, a senior executive said on Wednesday, as it looks to deploy the remainder of its $500 million Turkey fund.

Abraaj, which has had a presence in Turkey since 2007, took a minority stake in Turkish logistics firm Netlog Lojistik for an undisclosed amount in July. "We will complete at least one acquisition in the first half of next year," Selcuk Yorgancioglu told Reuters on the sidelines of an event in Istanbul.

"We are operating in some 20 emerging countries, Turkey is the fastest growing one of them, it has potential. It is important to us, we believe it will continue to offer interesting opportunities.

"He declined to say how big of an investment it was looking to make, or in what sectors. Abraaj told Reuters in July it was looking to invest in midsize companies in Turkey and could spend $30 million-$100 million on individual deals, citing interests in health care.  Thanks to its young population and fast-growing economy, Turkey was long seen as a prime target for private equity firms.

However, that allure has waned somewhat in recent years as security concerns and fears about growing authoritarianism in politics have knocked both investor appetite and the lira currency.

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