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MENAFN - - 29/02/2012

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(MENAFN) Dubai-based Abraaj Capital joined Malone Mitchell, CEO and top shareholder of Canada's TransAtlantic Petroleum Ltd, to buy the energy company's oilfield services business for USD164 million, Reuters reported.

Abraaj said it signed a non-binding letter of intent along with Dalea Partners - an affiliate of Mitchell - to acquire the business.

In May 2011, TransAtlantic, which holds interests in oil and gas properties in Turkey, Bulgaria and Romania, named Mitchell as its chief executive and set plans in motion to explore strategic alternatives for its oilfield services business.

TransAtlantic's oilfield services business is mainly comprised of wholly-owned subsidiaries Viking International Limited and Viking Geophysical Services Ltd.

Abraaj was established in 2002 and currently manages USD7 billion of assets. It owns stakes in Orascom Construction, budget carrier Air Arabia, supermarket chain Spinneys and education group GEMS.

Funds under its management have stakes in 35 companies across the Middle East region.
 






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