11/16/2009

Abu Dhabi fund takes stake in Turkey's EKOL Lojistik

Reuters - Invest AD, a state-owned investment fund, will pay EUR 50 million (USD 74.92 million) to acquire a "significant" minority stake in Turkish logistics company EKOL Lojistik A.S., it announced last week. The investment, a capital increase aimed at funding the Turkish company’s expansion plans, is the first by Invest AD's new private equity fund. EKOL provides local and foreign transportation, warehousing, customs clearance, insurance brokerage and fair and exhibition logistics. Invest AD, which changed its name last year from Abu Dhabi Investment Company, wants to raise USD 400 million for the fund which is focused on companies in the Middle East and North Africa.