A sovereign wealth fund in the UAE is exploring the possibility of selling the utility company software British SmartStream Technologies Group, according to the Bloomberg agency, citing sources, and seen by Al Arabiya.net.
Dubai-based Investment Corp is working with consultants including Deutsche Bank AG to identify potential buyers.
Bloomberg sources said the owner of SmartStream is looking for around $ 1 billion in a potential sale that could attract a group of financial and strategic investors.
Sources indicated that no final decisions have yet been made and the fund may decide to keep the company if it cannot find suitable bidders.
SmartStream was acquired by a Dubai government body in 2007 from the company of private equity TA Associates after the UK firm canceled its initial public offering.
SmartStream was then transferred to Investment Corp, which is controlled by the Dubai sovereign wealth fund, a company specializing in providing solutions software for the financial sector.
The deal comes as Dubai is working on an ambitious plan to privatize up to 10 companies to increase liquidity and revive capital markets.
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