(Reuters) - Dubai-based Abraaj Group agreed to sell its Latin America, Sub Saharan Africa, North Africa and Turkey Funds management business to U.S. investment management firm Colony Capital Inc, the companies said on Thursday.
The agreement has received in-principle regulatory approval and is expected to close upon approval from the Grand Court of the Cayman Islands as well as other customary consents, the companies said.
The sale is part of a provisional liquidation and restructuring as set out in a court order. Financial terms of the deal were not disclosed.
(Reporting by Rama Venkat Raman in Bengaluru; Editing by Gopakumar Warrier)