Reports: Atlas Merchant Capital, Carlyle Team Up To Bid For Barclays Africa

(RTTNews) - Bob Diamond's investment vehicle Atlas Merchant Capital has teamed up with US private equity group Carlyle Group (CG) to prepare a joint bid for Barclays PLC's (BARC.L, BCS) stake in Barclays Africa Group, according to media report, citing people familiar with the situation.

Diamond and Carlyle have yet to make a formal approach to Barclays for the assets and bid preparations, first reported by Sky, are at an early stage, the people added.

Mr. Diamond, who served as chief executive of Barclays PLC, will use New York-based Atlas Merchant Capital to jointly fundraise with Carlyle, the people said.

Last month, Barclays announced its intention to sell down its 62.3 percent stake in African business, Barclays Africa Group Limited over the coming two to three years. The sell down will be to a level that permits the firm to deconsolidate it from an accounting and regulatory perspective, subject to shareholder and regulatory approvals if and as required.

A spokesman for Barclays PLC refused to comment. Carlyle Group and Mr. Diamond didn't immediately respond to calls for comment.