Agreement marks one of Dubais largest asset sales so far
Dubai International Capital (DIC), the private equity arm of Dubai Holding, has signed an agreement for the sale of Mauser Group to New York-based private equity firms Clayton, Dubilier & Rice for around $1.7bn.
Mauser, which was acquired by DIC in 2007, is a producer of rigid industrial packaging with 4,400 employees and consolidated revenue of over $1.6bn.
Bank of America Merrill Lynch acted as exclusive financial adviser to DIC, while Latham & Watkins provided the company with legal counsel.
The agreement, which is subject to anti-trust approvals, marks one of Dubais largest asset sales as the emirate prepares for $78bn in upcoming debt maturities over the coming two years.
The largest upcoming maturity is the restructured Dubai World debt, with $4.4bn due in 2015.
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