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.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Sharjah 24

13 hours ago

• Sharjah 24

'Turkish salmon': the Black Sea's new rose-coloured gold

"Our exports surged from $500,000 in 2017 to $86 million last year, and this is just the beginning," said Denizer, general manager of Polifish, one of the Black Sea's main producers of what is marketed as "Turkish salmon". In its infancy just a decade ago, production of trout -- which in Turkey is almost exclusively farmed for export -- has exploded in line with the global demand for salmon, despite criticism of the intensive aquaculture required to farm it. Last year, the country exported more than 78,000 tonnes of trout raised in its cooler northern Black Sea waters, a figure 16 times higher than in 2018. And it brought in almost $498 million for Turkish producers, a number set to increase but is still far from the $12.8 billion netted by Norwegian salmon and trout giants in the same year. Russia, which banned Norwegian salmon in 2014 after the West imposed sanctions over its annexation of Crimea, accounts for 74.1 percent of "Turkish salmon" exports, followed by Vietnam with 6.0 percent, and then Belarus, Germany and Japan. Spectacular success Stale Knudsen, an anthropologist at Norway's Bergen University and a specialist on Black Sea fishing, said Russia offered "an available market that was easy to access, near Turkey". For him, the "spectacular success" of trout is also down to Turkey's experience and the technology used in farming sea bass and sea bream, a field in which it leads Europe. Turkish producers have also benefitted from the country's large number of reservoirs where the fish are a raised for several months before being transferred to the Black Sea. There, the water temperature -- which stays below 18 degrees Celsius (64.4 Fahrenheit) between October and June -- allows the fish to reach 2.5 to 3.0 kilogrammes (5.5-6.6 pounds) by the time they are harvested. Last, but not least, is the price. "Our 'salmon' is about 15 to 20 percent cheaper than Norwegian salmon," said Ismail Kobya, deputy general manager of Akerko, a sector heavyweight that mainly exports to Japan and Russia. "The species may be different but in terms of taste, colour and flesh quality, our fish is superior to Norwegian salmon, according to our Japanese clients," Kobya told AFP at Akerko's headquarters near the northeastern town of Trabzon, where a Turkish flag flies alongside those of Russia and Japan. Inside, a hundred or so employees in long blue waterproofs, green head coverings and rubber boots behead, gut, clean and debone trout that has an Aquaculture Stewardship Council (ASC) certification for responsible farming practises. Disease risks "Over the last two years, many Turkish producers have moved to get those certifications," said Knudsen, though he does not believe such labels are always a guarantee of sustainability. "I think the rationale behind that is not only to become more sustainable, but is more importantly a strategy to try to enter the European markets... where the Norwegians have some kind of control," he said. In a 2024 study, researchers from a Turkish public institute raised concerns that "the rapid growth of the trout farming sector... led to an uncontrolled decline in the survival rate" of the fish. Pointing to the "spread of diseases" and "improper breeding management", the researchers found that nearly 70 percent of the trout were dying prematurely. Polifish, which also has an ASC certification, acknowledged a mortality rate of around 50 percent of their fish stocks, predominantly in the reservoirs. "When the fish are small, their immune systems aren't fully working," said its deputy general manager Talha Altun. Akerko for its part claims to have "reached a stage where we have almost no disease". "In our Black Sea cages, the mortality rate is lower than five percent, but these are farming operations and anything can happen," Kobya said. Fake fish Visible from the shore, the fish farms have attracted the wrath of local fishermen worried about the cages, which have a 50-metre (165-foot) diameter, being set up where they cast their nets to catch anchovy, mackerel and bonito. Mustafa Kuru, head of a local fishermen's union, is a vocal opponent of a farming project that has been set up in his fishing zone just 70 kilometres (45 miles) from the Georgian border. "The cages block the movement of the fish and what happens then? The fish start leaving the area," he said, accusing the trout farmers of pumping chemicals into their "fake fish". He said a lack of fish stocks in the area had already forced two boats from his port to cast their nets much further afield -- off the western coast of Africa. "If the fish leave, our boats will end up going to rack and ruin in our ports," he warned.

Campaign ME

a day ago

• Campaign ME

Multiply Media Group expands to the UK, partners with Wildstone

Multiply Media Group (MMG) has announced a strategic long-term partnership with the UK's Wildstone, one of the world's largest owners of outdoor media infrastructure with a portfolio of over 5,400 panels. This partnership gives MMG, a subsidiary of the Abu Dhabi-based investment holding company Multiply Group exclusive rights to manage and operate a portfolio of premium digital out-of-home (DOOH) sites in central London. The move marks a significant step in the Group's strategy to create a borderless, tech-enabled media powerhouse. These assets will be commercialised and operated by BackLite Media, a subsidiary of MMG. 'Expanding into the UK marks a pivotal step in MMG's global growth journey,' said Jawad Hassan, Head of Media and Communications Vertical at Multiply Group.' He noted the Wildstone partnership enables the Group's ambition by providing it with immediate scale. 'Positioned as a strategic launchpad into international media markets, London offers the ideal setting for us to deliver meaningful brand experiences across one of the world's most iconic urban landscapes,' Hassan said. The first operational asset taken over is the Wandsworth Roundabout, which was among 13 high-traffic sites acquired by Wildstone from Transport for London (TfL) earlier this year. The site features four large-format digital screens and is situated on one of London's busiest junctions, with bi-weekly impacts of 6.2 million. 'Partnering with Wildstone deepens our presence in a mature, high-impact market and extends Backlite's premium inventory beyond the UAE,' said James Bicknell, Group CEO of Multiply Media Group. 'Through MMG, we are embracing the evolving media landscape that powers dynamic and impactful campaigns – and this collaboration marks an important step in delivering on that promise at a global scale.' Further adding to the conversation, Damian Cox, Global CEO and Founding Partner of Wildstone, said: 'We are excited to partner with MMG as they bring their forward-thinking approach to London's DOOH market.' 'This collaboration reflects our vision to elevate the standards of urban media infrastructure and help deliver more impactful DOOH campaigns for advertisers across London,' Cox added. Multiply Media Group was officially launched in June 2025, uniting three of the UAE's market-leading out-of-home (OOH) companies – BackLite Media, Viola Media and Media 247 – under a single, tech-enabled media house headquartered in the UAE. The launch took place at the World Out of Home Organization (WOO) Annual Congress in Mexico City and was marked by a bold global DOOH takeover that illuminated cities and screens worldwide with MMG's presence. This international move into London marks MMG's first major expansion beyond the Middle East, reflecting Multiply Group's global growth strategy. With a market cap of over $7.2bn, Multiply Group aims to continue to build scale and impact across its verticals through disciplined, future-facing investments. Finally, MMG claims to be actively exploring further market entries in other global cities. This expansion sets the stage for new acquisitions, partnerships, and investments that align with MMG's mandate to reshape the media sector through scale and forward-looking strategies.

Zawya

2 days ago

• Zawya

Multiply Media Group enters UK market with Wildstone partnership, accelerating global expansion

ABU DHABI, UAE: Multiply Media Group (MMG), a media powerhouse focused on strategic growth and meaningful brand engagement, has announced a strategic landmark long-term partnership with Wildstone, one of the world's largest owners of outdoor media infrastructure with a portfolio of over 5,400 panels. This partnership gives MMG, a subsidiary of the Abu Dhabi-based investment holding company Multiply Group (ADX: MULTIPLY), exclusive rights to manage and operate a portfolio of premium digital Out-of-Home (DOOH) sites in central London - marking a significant step in the group's strategy to create a borderless, tech-enabled media powerhouse. These assets will be commercialised and operated by BackLite Media, a subsidiary of MMG. Speaking on the announcement, Jawad Hassan, Head of Media and Communications Vertical at Multiply Group, said: Expanding into the UK marks a pivotal step in MMG's global growth journey. Our partnership with Wildstone is a key enabler of that ambition, providing us with immediate scale. Positioned as a strategic launchpad into international media markets, London offers the ideal setting for us to deliver meaningful brand experiences across one of the world's most iconic urban landscapes.' The first operational asset taken over is the Wandsworth Roundabout, which was among 13 high-traffic sites acquired by Wildstone from Transport for London (TfL) earlier this year. The site features four large-format digital screens and is situated on one of London's busiest junctions, with bi-weekly impacts of 6.2 million. James Bicknell, Group CEO of Multiply Media Group, said: 'At MMG, our mission is to shape a future-ready media group rooted in regional strength and global ambition. Partnering with Wildstone deepens our presence in a mature, high-impact market and extends Backlite's premium inventory beyond the UAE. Through MMG, we are embracing the evolving media landscape that powers dynamic and impactful campaigns — and this collaboration marks an important step in delivering on that promise at a global scale.' Damian Cox, Global CEO and Founding Partner of Wildstone, said: 'We are excited to partner with MMG as they bring their forward-thinking approach to London's DOOH market. This collaboration reflects our vision to elevate the standards of urban media infrastructure and help deliver more impactful DOOH campaigns for advertisers across London.' Multiply Media Group was officially launched in June 2025, uniting three of the UAE's market-leading out-of-home (OOH) companies - BackLite Media, Viola Media and Media 247 - under a single, tech-enabled media powerhouse headquartered in the UAE. The launch took place at the World Out of Home Organization (WOO) Annual Congress in Mexico City and was marked by a bold global DOOH takeover that illuminated cities and screens worldwide with MMG's presence. This international move into London marks MMG's first major expansion beyond the Middle East, reflecting Multiply Group's global growth strategy. With a market cap of over $7.2 billion, Multiply Group continues to build scale and impact across its verticals through disciplined, future-facing investments. With London as a strategic gateway into Europe, MMG is actively exploring further market entries in other global cities. This expansion sets the stage for new acquisitions, partnerships, and investments that align with MMG's mandate to reshape the media sector through scale and forward-looking strategies. MMG will continue to invest in high-potential media assets, catalyse growth through technology and create value-driven synergies across its global portfolio. 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 About Multiply Media Group Multiply Media Group (MMG) is a media powerhouse committed to driving performance and innovation across the sector. The company invests in high-potential media assets, catalysing growth through innovation and creating synergy across its portfolio through strategic investment and smart leadership. MMG includes BackLite Media, Viola Media, Media 247 and Purple Printing. Together, they form an integrated ecosystem built to deliver scale, precision, and sustained value. MMG provides the clarity required to lead meaningful transformation in the industry. Through targeted investment in technology, talent and innovation, it develops future-ready products and services, multiplying impact, accelerating innovation and driving long-term growth. For more information, visit About Wildstone Wildstone is the largest owner of outdoor media infrastructure in the world. The company's portfolio of over 5,000 out-of-home advertising assets includes digital advertising screens in a variety of formats, classic billboards and super premium digital sites. The company buys and rents property sites for outdoor advertising across the UK, Europe and Australia, helping property owners generate income from their unused land or building facades in high-traffic locations. Wildstone partners with media operators by offering new OOH locations as well as the expertise and is shaping the future of outdoor advertising through the digitisation of out-of-home assets. The company provides high-quality roadside media that stand the test of time, using next-generation LED screen technology that is lightweight, slim, high performing and energy efficient. Wildstone is a portfolio company of Antin Infrastructure Partners which has been supporting the company's ambitious plans since 2022. For more information, visit