DUBAI - Emerging markets-focused private equity firm Abraaj Group acquired Middlesex University's overseas campus in Dubai, sources familiar with the matter said, in a sign of increased interest from buyout firms in the Middle East's education sector.
In June, Abraaj was chosen by shareholders of the university campus, which is owned by individual investors in the United Arab Emirates and operated by London's Middlesex University, as a preferred bidder and was invited to conduct due diligence.
The deal closed at the end of January, sources told Reuters, with Abraaj paying 11 times earnings before interest, tax, depreciation and amortisation. The deal value was not disclosed.
Dubai-based Abraaj declined to comment when contacted by Reuters, while Middlesex University Dubai did not respond to queries for comment.
Middlesex University Dubai's earnings before interest, taxes, depreciation and amortisation were about $6.8 million last year, the sources said in September. The deal would have closed at about $74.8 million, according to Reuters calculations.
Private universities in Dubai are beginning to attract the attention of private equity players. Investors in recent years have acquired schools, a fast growing sector amid a wealthy and growing population.
The Dubai campus opened in 2005 and has more than 2,500 students, offering a variety of undergraduate and postgraduate programmes, according to its website. -Reuters
About 92 News HD Live Main TV Channel of Pakistan:
92 News (also known as 92 News HD Plus (Channel 92) is a conservative Urdu language TV channel based in Lahore, Pakistan.
Mian Muhammad Hanif is the chairman of the channel.
This TV channel is a subsidiary of Madinah Group under Galaxy Media Group.
The channel's name, 92, is to celebrate the 1992 Cricket World Cup won by Pakistan. The number 92 is also the telephone country calling code of Pakistan, which is another major reason behind the channel's name.
92 News HD is Pakistan’s first HD Plus News Channel. Aims to bring credible & responsible News & important stories from Pakistan & around the World
We bring you Latest Pakistani and International News at 92 News Hd Plus to Read and Watch
We believe in genuine and true journalism, we do not prevail sensation just for ratings.
We do not hide news but never tend to add any unethical content or angling that goes against the norms of our religion Islam and Pakistan's culture.
تازہ ترین خبریں حاصل کرنے کے لیے فوری اطلاع کی اجازت دیں
آپ کسی بھی وقت دائیں طرف نیچے بیل آئیکن پر صرف ایک کلک کے ذریعے آسانی سے سبسکرائب کر سکتے ہیں۔