Abraaj-led group could bid for 35% of Barclays Africa

Arif Naqvi, Founder & Group CEO, Abraaj Group

Buyout firm Abraaj Group is leading a group of investors planning to bid for a minority stake in Barclays Plc’s African unit, according to people familiar with the matter.

Abraaj is working with financial advisers and is in discussions to team up with other investors including a Middle Eastern sovereign wealth fund, the people said, asking not to be identified as the information is private. The private equity firm may bid for as much as 35 percent of Barclays Africa Group Ltd., one of the people said.

A stake that size would be valued at about $2.6 billion at the market price. No final decision has been made, and talks may still fall apart, the people said.

Read more: Barclays Africa Said to Attract Abraaj-Led Group for Stake – Bloomberg