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Article: Investcorp-led group buys 70% stake in L'azurde.(Brief article)
- Article from:
- Saudi Economic Survey
- Article date:
- April 7, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Bahrain- and London-listed investment company Investcorp has announced that it was leading a consortium to acquire a 70 percent stake in Saudi Arabia's gold and jewelry maker L'azurde for an undisclosed sum. A source close to the deal told the press the acquisition is based on an enterprise value of more than $300 million. An enterprise value is a valuation measure that includes a company's debt. The acquisition is one of the first major private equity deals this year in the Gulf region, in which investors have been holding on to their funds since the global financial crisis reached the region late last year. L'azurde, owned by the Al Othaim Holding Co, had 2008 revenues ...
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