Multiply Group to sell PAL Cooling Holding for Dh3.8 billion to Tabreed–CVC consortium
ABU DHABI (ALETIHAD) Multiply Group, the Abu Dhabi-based investment holding company, has entered into an agreement to divest its entire stake in PAL Cooling Holding to a consortium led by National Central Cooling Company (Tabreed) and CVC DIF for approximately Dh3.8 billion.The transaction, which is subject to regulatory approval, marks a major step in Multiply Group's portfolio optimisation strategy and is expected to significantly bolster its liquidity. The company plans to redeploy the proceeds into high-growth sectors and global expansion initiatives across its core verticals, including Energy, Mobility, Media & Communications, Wellness & Beauty, and Retail & Apparel.Samia Bouazza, Group CEO and Managing Director of Multiply Group, described the divestment as 'a deliberate step in our portfolio optimisation strategy, aimed at delivering superior returns to our shareholders'. She added that the transaction enhances the Group's ability to fuel the next phase of growth, both regionally and internationally.Founded in 2006, PAL Cooling Holding is a prominent player in the UAE district cooling sector, with five operational plants and eight long-term concessions servicing leading real estate developments, particularly on Abu Dhabi's Reem Island. Multiply Group had fully acquired PAL Cooling in July 2021 and integrated it into its Energy & Utilities vertical.The sale process drew strong interest from both strategic and financial investors, reflecting rising demand for cooling infrastructure amid rapid real estate development in the UAE. Multiply Group was advised by Standard Chartered and Clifford Chance, while Tabreed and CVC DIF received counsel from Citi, Synergy Consulting, and White & Case.Gijs Voskuyl, Managing Partner at CVC DIF, said the acquisition of PAL Cooling offers long-term concession-based contracts in a fast-growing urban market, providing 'solid returns' and 'potential for long-term growth and sustainable value creation'. Tabreed CEO Khalid Al Marzooqi added that the acquisition will be 'substantial' for the company's growth in Abu Dhabi and reinforces its investment-grade profile.Tabreed is a key provider of essential and sustainable district cooling services to iconic developments such as the Burj Khalifa, Sheikh Zayed Grand Mosque, Louvre Abu Dhabi, Ferrari World and Emirates Towers. The company owns and operates 92 plants across the region, including 76 in the UAE, five in Saudi Arabia, eight in Oman, and one each in Bahrain, India and Egypt. Founded in 1998 and listed on the Dubai Financial Market, Tabreed has become one of the UAE's strongest growth companies.CVC DIF, the infrastructure strategy of global private markets manager CVC, operates a network of 30 offices and manages €202 billion in assets (as of March 31, 2025). With €19 billion under its dedicated infrastructure strategy, CVC DIF invests on behalf of sovereign wealth funds, pension funds, insurers and other institutions worldwide.
Multiply Group is an affiliate of International Holding Company (IHC), with a market cap of Dh26.32 billion.
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