Abraaj buys Amundi's business

Dubai's Abraaj Capital acquired the North African private equity operations of French asset manager Amundi in a bid to boost its presence in the fast-growing region, the company said in a statement on Sunday.

Abraaj, the largest Middle East private equity firm with assets under management of $6.2 billion, will manage the $161 million SGAM Al Kantara Fund and absorb the 11-member Amundi investment team as part of the deal, it said. It also acquired Amundi's stake in the Kantara Fund.

Amundi which has around 690 billion euros in total assets is jointly owned by Société Générale and Credit Agricole.