CVC and Tabreed acquire PAL Cooling Holding from Multiply Group
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The deal was signed during a ceremony at Multiply's Abu Dhabi headquarters
CVC, a global private markets manager, and Tabreed have partnered to acquire PAL Cooling Holding from Abu Dhabi's Multiply Group. The transaction, valued at US $1.035bn, includes three long-term concessions in the Abu Dhabi main island area and five on Al Reem Island. These actions are serviced by five existing, sustainable district cooling plants and associated networks in Abu Dhabi, with a combined capacity of 182,000 refrigeration tons (RT) as of December 2024.
The deal was signed during a ceremony at Multiply's Abu Dhabi headquarters by Samia Bouazza, Group CEO and Managing Director of Multiply Group, Khalid Al Marzooqi, Chief Executive Officer of Tabreed and Özgür Önder, Head of CVC Middle East, in the presence of Tabreed's Chairman, Dr Bakheet Al Katheeri.
An additional plant is currently under construction, and three more are in the planning phase. Together, these nine plants and eight concessions are expected to represent 600,000RT. CVC DIF's investment focus and experience spans key sectors including energy transition, digital infrastructure, utilities and transport, areas that are critical to Tabreed's strategic vision. Its expertise and investment approach makes CVC DIF an ideal partner for a transformative project of this scale, said a statement.
'Tabreed is always looking to the future and ensuring we remain agile. The acquisition of PAL Cooling with CVC DIF aligns perfectly with our strategic objectives and readiness to adapt to Abu Dhabi's ambitious real estate projects. This year has been historic for Tabreed, with ventures like our Palm Jebel Ali JV and continued growth in Abu Dhabi. These steps position us to meet the UAE's rising demand for sustainable cooling, driven by population growth and decarbonisation targets,' said Dr Bakheet.
Gijs Voskuyl, Managing Partner at CVC DIF added, 'PAL Cooling services its clients under long-term, concession-based contracts, in a fast-growing urban environment. The company has a strong track record of developing and constructing high-quality and electrified district cooling plants to deliver reliable, energy-efficient cooling solutions. Building on CVC DIF's long-term track record in the sector, we are delighted to partner with Tabreed, a leading district cooling company in the Middle East. Together with our partners, we are convinced that PAL Cooling is a high-quality investment that will provide our investors with solid returns, while offering the potential for long-term growth and sustainable value creation.'
Önder noted, 'Our partnership with Tabreed, a regional leader with deep industry expertise, aligns perfectly with CVC's commitment to investing in the UAE, backing mission-critical businesses that support sustainable development across the country.'
Al Marzooqi added, 'This is turning out to be a truly pivotal year for Tabreed. As we enter a new phase of growth in Abu Dhabi alongside partners, CVC DIF, the benefits brought by this acquisition will be substantial. As part of Tabreed's portfolio, these additional plants will be operated and maintained by the world's leading experts in sustainable cooling. The acquisition also serves to strengthen our already investment-grade status with safe, long-term concession agreements and assured future growth, evidenced by current and planned developments on Reem Island.'
Bouazza commented, 'The monetisation of PAL Cooling Holding is a deliberate step in our portfolio optimisation strategy, aimed at delivering superior returns to our shareholders. It reflects our ability to realise significant value from our assets, while enhancing liquidity to fuel Multiply Group's next phase of growth – both across our core verticals and on the global stage.'
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