Billionaire Paul Singer’s Elliott Investment Management is seeking a stake in Integrated Diagnostics Holding, a London-listed health-care company that operates in the Middle East and Africa.

Funds managed by the US investor have entered into an agreement to purchase private equity firm Actis GP LLP’s entire 21.67% stake in IDH through a special purpose vehicle, the health-care company said in a statementBloomberg Terminal. The transaction is subject to regulatory approvals, it said.

Elliott has become one of world’s biggest hedge funds by making bold bets on everything from depressed Starbucks Corp. shares to Argentine bonds. It managed assets of about $76.1 billion as of June 30, according to its website.

Elliott declined to comment. IDH has a market value of about $400 million, implying Actis’s stake is worth about $87 million.

IDH offers clinical pathology and radiology services through its 700-strong branch network across Egypt, Jordan, Nigeria, Saudi Arabia and Sudan. It’s seeking to expand into new markets in the Middle East, Africa and East Asia with similar consumer trends and where it can capture a significant share of fragmented markets.

Elliott’s move “signals comfort with the broader macroeconomic environment and its confidence in its ability to unlock value from companies operating in the region,” said Ali Alnasser, a founding partner and portfolio manager at Vergent Asset Management in London. Vergent holds a 2.9% stake in IDH on behalf of clients.

IDH’s board hasn’t interacted with Elliott about the transaction or any other matters related to the company, it said in the statement. A representative for the firm didn’t immediately respond to Bloomberg’s requests for comment.

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Original source: us