Abu Dhabi’s L’IMAD Holding has acquired the entirety of 2PointZero’s stake in TAQA, diversifying its portfolio amidst volatility across tech and oil equities.
AD Power’s acquisition, L’IMAD’s wholly-owned subsidiary, involves nearly 9.1B additional shares of TAQA. The transaction, effective on 10 June, was confirmed by 2PointZero and TAQA in separate filings to the Abu Dhabi Securities Exchange.
The acquisition will elevate L’IMAD’s ownership in TAQA to 98.12% of the company’s issued share capital, representing an increase of 8.09%. Based on TAQA’s share price of Dh 2.37 at market close on Wednesday, the total value of the agreement exceeds Dh 21.5B ($5.9B).
Earlier this year, the emirate announced plans to integrate sovereign wealth fund ADQ into L’IMAD, reinforcing its position as a sovereign investment powerhouse with a varied asset portfolio.
2PointZero Group emerged from the merger of Multiply Group, Ghitha, and 2PointZero, focusing on high-growth sectors like food security, advanced energy and renewables.
TAQA is a diversified utilities and energy organisation, with investments spanning power and water generation as well as upstream and midstream oil and gas operations, managing assets in 26 countries.
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