Arcapita exit part of decision to liquidate its old portfolios assets
Bahrain-based investment firm Arcapita has agreed to sell Varel International Energy Services, a manufacturer of drill bits for oil and gas, and mining and industrial industries, to Swedens Sandvik for approximately $740m.
The exit is part of a restructuring plan that envisages the sale of all assets of Arcapitas old portfolio, valued at $7bn, and the management and orderly wind down of it.
According to February 2013 filings to a US court, Arcapitas decision to liquidate the assets and wind down operations followed the failure to arrange a new $250m capital injection by the start of November 2012 that would have provided funding for the company to carry on.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.