Abraaj completes investment with TPG in Saudi’s Kudu

Abraaj confirmed a Reuters report in February which said the two firms had signed a deal to buy a majority stake in Kudu.

“The sharia-compliant debt investment made by an Abraaj-managed Fund and TPG, through a jointly owned vehicle, will allow the company to enter the next stage of its expansion,” the statement said. Abraaj did not give the price or other details of the deal.

Kudu has appointed Glen Helton as its new chief executive, along with a new management team to expand its business, the statement added.

The deal is a first in the region for TPG, which manages about $65 billion of capital according to its website, and highlights growing interest among international private equity players in Middle Eastern assets.

(Reporting by Nadia Saleem; Editing by Andrew Torchia)