Abu Dhabi-based Multiply Group has reached an agreement to sell 100% of its shares in PAL Cooling Holding for approximately Dh3.8 billion.
The buyer, a consortium including Tabreed and CVC DIF, awaits regulatory approval. This move is part of Multiply Group’s strategy to enhance liquidity and accelerate growth across its key sectors.
Samia Bouazza, Group CEO and Managing Director, stated that the sale aligns with their portfolio optimisation strategy, aiming for superior shareholder returns and fueling the next phase of growth.
“The monetisation of PAL Cooling Holding is a deliberate step in our portfolio optimisation strategy, aimed at delivering superior returns to our shareholders,” she said.
PAL Cooling, a leader in the UAE’s district cooling sector, was acquired by Multiply in 2021 and has since contributed significantly to the group’s income.
Gijs Voskuyl, Managing Partner at CVC DIF noted: “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: “As we enter a new phase of growth in Abu Dhabi alongside partners, CVC DIF, the benefits brought by this acquisition will be substantial.”
The sale attracted interest due to the UAE’s real estate development and demand for cooling solutions. Advisors for Multiply include Standard Chartered and Clifford Chance. Citi, Synergy Consulting, and White & Case advise the buyers.
