Latest news with #CVC
Zawya
37 minutes ago
- Business
- Zawya
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)
Reuters
an hour ago
- Business
- Reuters
CVC, Tabreed enter partnership to buy UAE district cooling business
DUBAI, June 30 (Reuters) - United Arab Emirates' Tabreed ( opens new tab and private equity firm CVC's ( opens new tab infrastructure strategy arm, CVC DIF, plan to acquire Abu Dhabi-based Multiply Group's ( opens new tab district cooling business, according to a statement on Monday. CVC DIF and Tabreed have entered into a partnership to acquire PAL Cooling Holding at an equity value of about 3.8 billion dirhams ($1.03 billion), CVC DIF, Tabreed and Multiply Group said in a joint statement. The deal is subject to customary regulatory approvals. Reuters reported on May 30 that CVC and Tabreed were in exclusive talks to buy PAL Cooling Holding, the district cooling business owned by Multiply Group. 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. 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). ($1 = 3.6723 UAE dirham)
Al Bawaba
an hour ago
- Business
- Al Bawaba
Tabreed and CVC DIF to acquire Abu Dhabi's PAL Cooling from Multiply Group
CVC DIF, the infrastructure strategy of leading global private markets manager, CVC, and Tabreed, the world's leading district cooling company, have entered a partnership to acquire PAL Cooling Holding from Abu Dhabi's Multiply Group. The transaction, with an equity value of approximately AED 3.8 billion, includes 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. The concessions are serviced by five existing, sustainable district cooling plants and associated networks in Abu Dhabi, with connected capacity of 182,000 refrigeration tons (RT) as of December 2024. An additional plant is currently under construction and three more are in the planning phase. Together the nine plants and eight concessions are expected to represent approximately 600,000 RT. PAL was founded in 2006 and is a prominent player in the UAE district cooling market, catering to landmark residential, commercial and mixed-use developments. The company has eight, long-term concession agreements and partnerships with leading master developers, including Aldar Properties, Modon and Imkan. PAL is strongly positioned on Al Reem Island, which is a strategic destination now fully part of the ADGM free zone, the vibrant financial centre of Abu Dhabi, and is poised to benefit from the expected development ramp-up, with future network expansion already licenced by Abu Dhabi's Department of Energy. Chairman of Tabreed, Dr Bakheet Al Katheeri, emphasised the significance of the partnership: '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.' Gijs Voskuyl, Managing Partner at CVC DIF, said: '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.' Chief Executive Officer of Tabreed, Khalid 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.' Özgür Önder, Head of CVC Middle East, said: '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.' 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. Commenting on the transaction, Samia Bouazza, Group CEO and Managing Director of Multiply Group, said: '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.' The deal was signed during a special 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.
The Guardian
4 days ago
- Business
- The Guardian
Norway's €19bn software company Visma picks London for IPO
The €19bn Norwegian software company Visma has picked London over Amsterdam for its planned flotation next year, giving a much-needed boost to the London stock market. The company, which makes accounting, payroll and HR software products for 2.1 million customers across Northern Europe and Latin America, has yet to make a final decision but London is the frontrunner, it is understood. Visma is thought to have picked London for its initial public offering (IPO) because of its deep capital markets and the presence of more investors who focus solely on buying UK stocks compared with those who purchase only Dutch equities, in news first reported by the Financial Times. It would be a rare win for London's stock exchange, which has been hit by an exodus of big names such as the drugmaker Indivior, which recently opted for a sole listing on the US Nasdaq, and the Anglo-German travel group Tui, which last year switched to a sole listing in Frankfurt. In 2024, the London market lost 88 companies that delisted or transferred their primary listing elsewhere, the most since the 2008-09 financial crisis, according to analysis by EY. The decision is contingent on implementation of reforms by the UK government and the London Stock Exchange, to offset complications caused by Brexit. Visma, headquartered in Oslo, is 70%-owned by the London-based private equity firm Hg Capital. Hg, the UK's second-biggest private equity firm behind the Jersey-based CVC Capital Partners, decided two decades ago to focus on software investments. HG helped to take Visma private from the Oslo stock exchange in 2006 at a valuation of nearly £330m, when it stepped in as a white knight investor after Visma received a hostile bid from the UK software group Sage. Since then, Visma has grown every quarter, and expanded through 350 bolt-on acquisitions. It has 16,400 employees and reported revenues of €2.8bn last year, with nearly 12% organic growth. It made underlying profits of €893m. Other investors include Singapore's sovereign wealth fund GIC, the Singaporean private equity firm Intermediate Capital Group, Canada's CPP Investments and the Texas-based private equity group TPG. Visma's management team, led by the chief executive, Merete Hverven, and group employees together own 6.4%. She joined the company in 2011 and took the helm in March 2020. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Visma, the largest privately owned software company in Europe, previously considered listing in 2023 but amid market volatility decided to raise funds from private investors instead. Visma and Hg declined to comment.
Straits Times
4 days ago
- Business
- Straits Times
Italy's Serie A considers stake sale in overseas media rights
Napoli players and staff parade on a bus to celebrate the scudetto after the Italian Serie A season in Naples. AFP LONDON – Italy's top football league is exploring selling a stake in its international media rights business, according to people familiar with the matter. Serie A has reached out to private equity firms to assess their interest, said the sources, who asked not to be identified. The discussions are at an early stage and there is no guarantee of a transaction, the people said. A representative for Serie A also declined to comment. A deal could provide much-needed cash for the league that has been looking to turn around one of the world's most iconic football brands. While Serie A hosts some of Europe's largest football teams such as Juventus, AC and Inter Milan, the latter of which appeared in the latest Champions League final in which they lost to French side Paris Saint-Germain, many of the clubs are operating at a loss. Outside of England's lucrative Premier League, European football leagues have struggled to sell their media rights. The French league's deal with Dazn Group Ltd, originally worth €400 million (S$596 million) annually, was changed in May following disputes over payments and subscriber numbers. Serie A's earlier attempt to sell a US$2 billion (S$2.55 billion) stake to an investor group in 2021 collapsed after failing to win over enough clubs. It also spoke to international lenders and private equity firms two years ago for financing its media business, Bloomberg News reported at the time. A ban on selling Serie A's domestic media rights to a single buyer is under review. Serie A's clubs generated €2.9 billion of revenue in the 2023-2024 season, a 2 per cent increase from the previous year, according to a report by Deloitte. The international media rights were sold for around €700 million for a three-year period ending 2024, one of the people said. Private equity firms have been active in backing European football leagues and their clubs. CVC is an investor in La Liga, the Spanish top-flight league that was once home to Lionel Messi and other superstars of the world's most popular sport. It also bought a 13 per cent stake in the media rights business of France's Ligue 1 for €1.5 billion. Germany's Bundesliga held extensive negotiations with CVC and other funds over a media rights deal but the process eventually collapsed in 2024 following a backlash from fans critical of foreign capital. Primeira Liga, the Portuguese football league, is also planning to bundle its broadcasting rights for the first time by 2028, a move set to test the appetite for European football rights at a time when other markets have struggled. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
