Infrastructure investor CVC DIF, Tabreed to acquire Abu Dhabi firm for over $1bln
Global infrastructure investor CVC DIF and Abu Dhabi-based global district cooling company Tabreed have partnered to acquire PAL Cooling Holding from Abu Dhabi's Multiply Group for approximately 3.8 billion dirhams ($1.03 billion).
PAL, founded in 2006, has eight, long-term concession agreements and partnerships with leading master developers, including Aldar Properties, Modon and Imkan.
The agreements include three long-term concessions in the Abu Dhabi main island area and five long-term concessions on Al Reem Island, and remains subject to customary regulatory approvals.
CVC DIF is the infrastructure arm of the private equity giant CVC Capital Partners.
(Writing by Brinda Darasha; editing by Seban Scaria)
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