June 19, 2018 / 5:34 AM / a month ago

ADFG's unit offers to buy Abraaj's interest in limited partnerships

ABU DHABI, June 19 (Reuters) - A unit of Abu Dhabi Financial Group (ADFG) has made a conditional offer to buy embattled private equity firm Abraaj’s management interest in all of its limited partnerships for $50 million, according to a document seen by Reuters.

ADCM, an ADFG entity based in Cayman Islands, wants to become the General Partner of the LPs, which have committed money to Abraaj’s various private equity funds.

ADCM stated the terms of the offer in a letter to Abraaj’s financial advisor Houlihan Lokey dated June 17, which also said the buyer shall not buy any companies owned by Abraaj and its affiliates and will not take any liabilities.

Abraaj was not immediately available to comment. (Reporting by Stanley Carvalho; Writing by Saeed Azhar; Editing by Amrutha Gayathri)

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