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 Dubai’s 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.