New bidders chase Abraaj Turk assets

DUBAI/ISTANBUL, Feb 11, (RTRS): US fund manager Franklin Templeton and Turkish private equity firm Actera are among the bidders in talks to take control of Abraaj’s Turkish assets after negotiations with other buyers faltered, two sources familiar with the deal said.

Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed last year in the aftermath of a row with investors, including the Gates Foundation, over the use of their money in a $1 billion healthcare fund.

Other potential bidders for the Turkish assets such as Turkish private equity company Turkven are out of the race, the sources told Reuters.

Canada’s Brookfield Asset Management, which was seen as the frontrunner for the Abraaj’s Turkish assets, has also pulled out, the Wall Street Journal reported last month.

Brookfield declined to comment.

The Turkish assets include the $526 million Turkey Fund 1, which was raised in 2016.

At that time Abraaj said it had deployed $900 million across 11 investments in Turkey over a decade.