Tuesday, Jul 24, 2012
(This story was originally published Monday.)
DUBAI (Zawya Dow Jones)--Kuwait's NBK Capital, an investment and asset management unit of National Bank of Kuwait (NBK.KW), said Monday it has acquired a 50% stake in Bavet, a Turkish distributor of animal pharmaceuticals.
NBK Capital, in an emailed statement, said that it acquired the stake through its NBK Capital Equity Partners Fund I, but didn't disclose the value of the deal or any other details.
"The investment will be used to strengthen Bavet's financial standing and will allow us to further expand our operations," Zekeriya Nergiz, Bavet's chairman, said in the statement.
NBK Capital said that the $250 million NBK Capital Equity Partners Fund, which it manages as part of its Alternative Investments Group, is a private equity fund. It added that this fund was set up for the acquisition of strategic stakes in growth companies in the Middle East and North Africa region.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
24-07-12 0405GMT
