Kohlberg Kravis Roberts KKR & Co and Dubai-based Fajr Capital are close to buying a 25 percent stake in fashion retailer Azadea Group, said three sources aware of the matter, in what would be the U.S. private equity firm’s first Middle Eastern investment, Reuters report.
Based in Lebanon, but with operations across the wider Middle East, North Africa, Turkey and Pakistan, Azadea holds franchise rights for brands such as Gap, Zara, which is part of Inditex, and Superdry.
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In what to believe to fetch between $400 million and $500 million.
“The deal isn’t done but it’s getting closer, ” one source with knowledge of the deal, who spoke on condition of anonymity as the information is not public, said on Monday to Reuters.
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