Dubai-based Abraaj Group has sold its stake in Tunisian pharmaceutical company Opalia Pharma to international pharmaceutical company Recordati.
The deal was part of Recordatis acquisition of about 67 per cent of Opalias share capital held by non-Tunisian investors, which was sold for a total of 22.6m ($31.1m). The Italian stock exchange-listed firm is looking at acquiring another 23 per cent of the company in the coming months.
Abraaj was advised by Frances Societe Generale Corporate and Investment Banking, the UKs Freshfields Bruckhaus Deringer, and Tunisias Meziou, Knani & Khlif on the deal.
Abraaj is increasingly eyeing Africa for returns. In June, it announced it had invested a total of $2.2bn in 69 companies on the continent. Another was added to that list in October, when Abraaj invested in African Industrial Services Group, an Ivory Coast-based engineering services and component manufacturing and distribution firm.