London - Buyout firm Abraaj Group is leading a group of investors planning to bid for a minority stake in Barclays’s African unit, according to people familiar with the matter.
Abraaj is working with financial advisers and is in discussions to team up with other investors including a Middle Eastern sovereign wealth fund, the people said, asking not to be identified as the information is private. The private equity firm may bid for as much as 35% of Barclays Africa Group [JSE:BGA], one of the people said.
A stake that size would be valued at about $2.6bn (R40bn) at the market price. No final decision has been made, and talks may still fall apart, the people said.