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Bloomberg
Abraaj Group has reached an agreement to sell its stake in Middlesex University’s Dubai campus to Amanat Holdings PJSC for about $100 million, people with knowledge of the matter said.
An initial agreement has been signed and the deal is yet to close, the people said, asking not to be identified because the information is private. Dubai-based Amanat would own all of the UK-based university’s campus, which had annual revenue of about $40 million, one of the people said.
Amanat is seeking to expand its presence in the Middle East education sector. The company has about AED1.8 billion ($490 million) to spend on acquisitions in healthcare and education, MD Shamsh-eer Vayalil said in December.
The Dubai Middlesex campus opened in January 2005 and has more than 3,000 students from over 100 nations. It offers undergraduate and postgraduate programs in a wide range of subjects.
Amanat shares climbed as much as 3.9 percent in Dubai. The shares were poised for their biggest increase in more than a month. Dubai’s main stock gauge declined as much as 1.2 percent.