Gulf Capital, an Abu Dhabi-based private-equity company, bought an 82.7 percent stake in power generation services company Sakr Energy Solutions FZCO and said it expects to complete three more buyouts this year.
Gulf Capital acquired the stake without using debt and at 40 percent below the average valuation of global peers, Chief Executive Officer Karim El Solh said.
The stake was acquired from Sakr Holding, which along with Dubai-based Sakr Energy’s current management, set up the company in July 2007 after the separation of the Middle Eastern assets of GE Energy Rentals, Gulf Capital said in a statement.
