Carlyle enters Saudi with lighting firm stake

DUBAI, March 29 (BestGrowthStock) – Private equity firm The Carlyle
Group on Monday said it had acquired a 30 percent stake in Saudi
Arabia’s General Lighting Company, the kingdom’s largest
lighting fixture manufacturer.

Carlyle did not provide financial details for the
transaction, which closed on Monday and marks the fund’s first
investment in Saudi Arabia, the largest economy in the Middle
East.

Equity for this investment, Carlyle’s third in the MENA
region, will come from Carlyle MENA Partners, a growth capital
and buyout fund that closed in March 2009.
Carlyle, which worldwide has nearly $90 billion of assets
under management, established its Middle Eastern presence in
2007 and has now regional offices in Cairo, Dubai and Istanbul.

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(Reporting by Nicolas Parasie; editing by Thomas Atkins)

Carlyle enters Saudi with lighting firm stake