Latest news with #MultiplyGroup
Arabian Post
2 days ago
- Business
- Arabian Post
Tabreed and CVC Edge Closer to $1.1 Billion Cooling Deal
Arabian Post Staff -Dubai Engie-backed National Central Cooling Company, known as Tabreed, and private equity firm CVC Capital Partners have entered exclusive negotiations to acquire PAL Cooling Holding , the district cooling arm of Abu Dhabi's Multiply Group. The transaction is expected to value the business at approximately $1.1 billion, according to individuals familiar with the matter. The joint bid by Tabreed and CVC emerged as the leading offer among several contenders, including KKR, I Squared Capital, Investcorp, and Abu Dhabi National Energy Company . Discussions have now progressed to a bilateral phase between the preferred bidders and Multiply Group, a subsidiary of International Holding Company , chaired by Sheikh Tahnoon bin Zayed Al Nahyan. ADVERTISEMENT PAL Cooling Holding operates six district cooling plants in Abu Dhabi, with a combined installed capacity of approximately 139,800 refrigeration tonnes. The company maintains long-term service agreements with prominent real estate developers such as Aldar Properties and Reem Developers, providing chilled water for air conditioning to a range of commercial and residential properties across the emirate. District cooling systems, which distribute chilled water through insulated pipes to multiple buildings, offer a more energy-efficient and environmentally friendly alternative to traditional air conditioning. These systems are particularly prevalent in the Gulf region, where summer temperatures can exceed 50 degrees Celsius, making efficient cooling solutions essential for urban infrastructure. The potential acquisition aligns with Tabreed's strategic expansion plans. The company currently operates over 80 district cooling plants across the Middle East, delivering more than 1.2 million refrigeration tonnes of cooling capacity. Tabreed's portfolio includes high-profile projects such as the Burj Khalifa, Sheikh Zayed Grand Mosque, and the Dubai Metro. CVC Capital Partners, headquartered in Luxembourg, has been actively seeking investment opportunities in the Middle East, reflecting a broader trend among international private equity firms. The region's push to diversify economies away from oil dependency has made sectors like sustainable infrastructure increasingly attractive to foreign investors. Multiply Group, the seller in this transaction, is an investment holding company with interests spanning media, utilities, and technology. The divestment of its district cooling unit is part of a strategic realignment to focus on core business areas. The company had engaged Standard Chartered Bank to explore potential buyers for PCH earlier this year. Following reports of the exclusive talks, Tabreed's shares experienced a 4.3% increase, reaching 2.68 dirhams during midday trading on the Abu Dhabi Securities Exchange. This uptick reflects investor optimism regarding the company's growth prospects and the strategic value of the potential acquisition.
Zawya
3 days ago
- Business
- Zawya
UAE's Tabreed, CVC in exclusive talks to buy Multiply unit, sources say
DUBAI - Engie-backed National Central Cooling, known as Tabreed, and CVC are in exclusive talks to buy Abu Dhabi-based Multiply Group's district cooling business in a deal expected to value the unit at more than $1 billion, two sources told Reuters. Tabreed and private equity firm CVC were the top bidder for PAL Cooling Holding (PCH), the sources familiar with the matter said, adding that bilateral talks with the seller had started. One of the sources said the bid was close to $1.1 billion. The interest in PCH highlights how international buyout groups are increasingly looking to invest in the Gulf region as governments there strive to diversify their economies from oil. In a statement, Tabreed said it did not comment on market rumours or speculation, adding any material transactions would be disclosed to the market as and when they are finalised. CVC declined to comment, while Multiply Group did not immediately respond to a request for comment. Reuters reported in April that CVC was working with Tabreed to jointly bid for PCH. District cooling plants, which deliver chilled water via insulated pipes to cool offices, industrial and residential buildings, have been developed as a more economical and environmentally friendly alternative to air conditioning. They are popular in the United Arab Emirates and elsewhere in the Arabian Peninsula, where summer air temperatures can soar above 50 degrees Celsius (122 degrees Fahrenheit). Founded in 2006, PCH has several plants in Abu Dhabi with a combined design capacity of 242,000 refrigeration tonnes, according to its website. Reuters reported in April that the sale had drawn interest from bidders including KKR, I Squared Capital, Investcorp and TAQA, and was expected to fetch about $1 billion. Multiply is controlled by IHC, whose chairman is Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser and brother of the country's president who controls a sprawling business empire including two sovereign wealth funds. (Reporting by Hadeel Al Sayegh Editing by Mark Potter)
Reuters
3 days ago
- Business
- Reuters
Exclusive: UAE's Tabreed, CVC in exclusive talks to buy Multiply unit, sources say
DUBAI, May 30 (Reuters) - Engie-backed National Central Cooling ( opens new tab, known as Tabreed, and CVC are in exclusive talks to buy Abu Dhabi-based Multiply Group's ( opens new tab district cooling business in a deal expected to value the unit at more than $1 billion, two sources told Reuters. Tabreed and private equity firm CVC were the top bidder for PAL Cooling Holding (PCH), the sources familiar with the matter said, adding that bilateral talks with the seller had started. One of the sources said the bid was close to $1.1 billion. The interest in PCH highlights how international buyout groups are increasingly looking to invest in the Gulf region as governments there strive to diversify their economies from oil. In a statement, Tabreed said it did not comment on market rumours or speculation, adding any material transactions would be disclosed to the market as and when they are finalised. CVC declined to comment, while Multiply Group did not immediately respond to a request for comment. Reuters reported in April that CVC was working with Tabreed to jointly bid for PCH. District cooling plants, which deliver chilled water via insulated pipes to cool offices, industrial and residential buildings, have been developed as a more economical and environmentally friendly alternative to air conditioning. They are popular in the United Arab Emirates and elsewhere in the Arabian Peninsula, where summer air temperatures can soar above 50 degrees Celsius (122 degrees Fahrenheit). Founded in 2006, PCH has several plants in Abu Dhabi with a combined design capacity of 242,000 refrigeration tonnes, according to its website. Reuters reported in April that the sale had drawn interest from bidders including KKR, I Squared Capital, Investcorp and TAQA, and was expected to fetch about $1 billion. Multiply is controlled by IHC ( opens new tab, whose chairman is Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser and brother of the country's president who controls a sprawling business empire including two sovereign wealth funds.
Gulf Today
09-05-2025
- Business
- Gulf Today
Multiply Group hosts event on future investment landscape
Multiply Group, the Abu Dhabi-based investment holding company (IHC), on Friday convened a diverse group of leading public and private sector investment-related stakeholders at the 'Converting change into opportunities: the future of investment and business in an uncertain world' in Abu Dhabi, programmed by Economist Impact. The event sought to explore the forces immediately relevant to global business and investment. Samia Bouazza, Group CEO of Multiply Group provided the opening remarks where she highlighted the Group's investment strategy which is geared towards exploring opportunities arising in high-potential sectors. She described Multiply Group as 'antifragile' in the words of Nassim Nicholas Taleb-an organisation that grows stronger through volatility and disruption. Samia Bouazza said, 'Around the world, leaders are navigating shifts across economic, technological and geopolitical landscapes. At Multiply Group, we've grown through every phase of disruption. Today, we see value in disciplined investing, building a portfolio which is resilient to these shifts by working closely with our partners and businesses.' She added, 'Rooted in Abu Dhabi, we operate with the clarity and confidence of a system that rewards foresight. At this event, we've partnered with The Economist and esteemed panelists to answer important questions: What trends must we pre-empt? How should we revisit the way we construct our portfolio accordingly? What impact will these shifts have on global expansion and our 10-year plans? And how is AI transforming the way each of our businesses operates?' The agenda featured several high-level discussions, including a keynote interview on 'The GCC's evolving role, strategies and opportunities in a new era of global complexity' with Safaa El-Kogali, Country Director of GCC countries at the World Bank. This was followed by a panel discussion, titled, 'Private V Public markets: where is the next big opportunity for investors?' and a fireside chat on 'Navigating geopolitical shifts, Trump 2.0 and America's evolving landscape.' The event also held a keynote interview, titled: 'A new investment playbook', followed by a panel discussion on 'Transitioning to a new economic model: the GCC's evolution into a global innovation and growth hub.' This was preceded by a fireside chat 'Reshaping the consumer sector: adapting to shifting behaviours, tight supply chains and economic pressures — with the concluding engagement a panel discussion, titled: 'From boom to balance': AI's role in reshaping industries and global investment strategies.' Alongside delegates from Multiply Group, the Ministry of Economy, and the World Bank, the event was attended by representatives from International Finance Corporation, Brookings Institution, Amazon, Microsoft, Dell, Public Investment Fund (PIF), Visa, Presight AI, Moody's Ratings, amongst others. The event closely follows the reporting of Multiply Group's Q1, 2025 financial results where the Group achieved an annual revenue increase of 50 per cent YoY to Dhs585 million.
Zawya
09-05-2025
- Business
- Zawya
Multiply Group hosted Converting change into opportunities event
The event brought together leaders from public & private sectors under the theme: 'Converting change into opportunity: the future of investment and business in an uncertain world.' Representatives from UAE Ministry of Economy, The World Bank, International Finance Corporation, Brookings Institution, Amazon, Microsoft, and Dell discussed geopolitical changes, trade war, AI, and deglobalization. Abu Dhabi, UAE: Multiply Group (ADX: MULTIPLY), the Abu Dhabi-based investment holding company that invests in and operates businesses globally, today convened a diverse group of leading public and private sector investment-related stakeholders at the 'Converting change into opportunities: the future of investment and business in an uncertain world' in Abu Dhabi, programmed by Economist Impact. The event sought to explore the forces immediately relevant to global business and investment. Samia Bouazza, Group CEO of Multiply Group provided the opening remarks where she highlighted the Group's investment strategy which is geared towards exploring opportunities arising in high-potential sectors. She described Multiply Group as 'antifragile' in the words of Nassim Nicholas Taleb—an organization that grows stronger through volatility and disruption. Samia Bouazza, GCEO and Managing Director of Multiply Group said: ' Around the world, leaders are navigating shifts across economic, technological and geopolitical landscapes. At Multiply Group, we've grown through every phase of disruption. Today, we see value in disciplined investing, building a portfolio which is resilient to these shifts by working closely with our partners and businesses. She added: 'Rooted in Abu Dhabi, we operate with the clarity and confidence of a system that rewards foresight. At this event, we've partnered with The Economist and esteemed panelists to answer important questions: What trends must we pre-empt? How should we revisit the way we construct our portfolio accordingly? What impact will these shifts have on global expansion and our 10-year plans? And how is AI transforming the way each of our businesses operates?' The agenda featured several high-level discussions, including a keynote interview on 'The GCC's evolving role, strategies and opportunities in a new era of global complexity' with Safaa El-Kogali, Country Director of GCC countries at The World Bank. This was followed by a panel discussion, titled: 'Private V Public markets: where is the next big opportunity for investors?'and a fireside chat on 'Navigating geopolitical shifts, Trump 2.0 and America's evolving landscape.' The event also held a keynote interview, titled: 'A new investment playbook', followed by a panel discussion on 'Transitioning to a new economic model: the GCC's evolution into a global innovation and growth hub.' This was preceded by a fireside chat 'Reshaping the consumer sector: adapting to shifting behaviours, tight supply chains and economic pressures – with the concluding engagement a panel discussion, titled: 'From boom to balance': AI's role in reshaping industries and global investment strategies.' Alongside delegates from Multiply Group, The UAE Ministry of Economy, and The World Bank, the event was attended by representatives from International Finance Corporation, Brookings Institution, Amazon, Microsoft, Dell, Public Investment Fund (PIF), Visa, Presight AI, Moody's Ratings, amongst others. The event closely follows the reporting of Multiply Group's Q1 2025 financial results where the Group achieved an annual revenue increase of 50 percent YoY to AED585 million. In its core operational portfolio, the Group has focussed on driving synergies and integration among the businesses under each vertical, with emphasis on accelerating digital transformation and operational efficiencies. This is reflected in continued and strong revenue growth. ABOUT MULTIPLY GROUP Multiply Group PJSC is an Abu Dhabi-based investment holding company that globally invests and operates in transformative, cash-generating businesses. Known for its trademark growth mindset, Multiply Group will continue to deploy capital across its two distinct arms, both of which follow a disciplined approach to investing and ensure consistent, sustainable value creation for our shareholders in the short-, medium- and long-term: Multiply, the investments and operations in long-term strategic verticals, currently investing and operating in Mobility, Energy & Utilities, Media & Communications, Wellness & Beauty, and Retail & Apparel. Anchor investments provide long-term recurring income, through which bolt-on acquisitions are made. Multiply+, the Group further engages in opportunistic, sector-agnostic investments, via mainly minority stakes in private and public markets. For more information, visit
