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Middle East’s Azadea aims $500 million from stake sale

Middle East’s Azadea aims $500 million from stake sale

DUBAI: Azadea Group aims to raise up to $500 million with the sale of a minority stake in the business, a retailer with franchise rights for brands such as Gap, Zara and Superdry across the Middle East.

Azadea expects to fetch between $400 million and $500 million with its offer of a 25 percent stake Based in Lebanon but with operations across the wider Middle East, North Africa, Turkey and Pakistan.

Further consumer focused assets that have entered the market in recent months, such as Saudi fast food chain Kudu and Kuwait Food Company, have drawn the likes of TPG Capital, KKR & Company and CVC Capital Partners to the bidding process.

Accountancy firm PricewaterhouseCoopers (PwC) worked with Azadea to prepare the company for the divestment and has been retained to help with the sale process.

Daher said one of Wassim’s sons, is chief executive while another, Hassan Daher, is managing director. Founded in 1978 by Wassim Daher, the current chairman, Azadea maintains a strong family presence in the running of the business.