Deals
Cerberus and Colony Are Making New Offers for Abraaj Funds
- Both offers are being reviewed by provisional liquidators
- Abraaj being restructured after allegations of missing funds
Photographer: Razan Alzayani/Bloomberg
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Cerberus Capital Management LP and Colony Capital Inc. made new offers to buy Abraaj Group assets as the embattled Dubai-based private equity firm works on a court-supervised restructuring, according to people familiar with the matter.
Cerberus made a bid for all of Abraaj’s funds, but hasn’t offered to buy the limited-partnership stakes in the underlying funds, the people said, asking not to be identified as the information is private. Cerberus was engaged in talks with Abraaj to acquire its funds before Colony reached a principle agreement last month.