A legal advisement provided to the joint venture of CVC DIF and Tabreed regarding their planned purchase of PAL Cooling from Multiply Group.
In a significant move to bolster the UAE's district cooling sector, a consortium including CVC DIF, Tabreed, and other prominent players has agreed to acquire PAL Cooling from Multiply Group. This transaction, valued at approximately US$1 billion, is set to align with the strategic objectives to meet the UAE's rising demand for sustainable cooling.
PAL Cooling, a district cooling provider established in 2006, operates in the UAE market and caters to landmark residential, commercial, and mixed-use developments. The company currently holds eight long-term district cooling concessions in Abu Dhabi and boasts contractual relationships with major master developers such as Aldar Properties and Modon.
The consortium's experts specialise in various sectors, including Private Capital, Mergers & Acquisitions, Life Sciences and Healthcare, Energy, Technology, Real Estate, Infrastructure, Transportation & Logistics, and the Middle East. Notable members include Steven Worthington, Hugh Brünjes, Louise Vun, Antoine Cousin, Anna Bridgeman, Kavisa Thacker, and Mark Andrews, each bringing their unique expertise to the table.
The acquisition also involves Michael Kim, Azamat Gaysenov, Alec Buchanan, Natasha Marican, Tamer Nagy, Aleksandra Stadnik, Gabrielle Margerison, and Marika Harjula, who specialise in Project Development and Finance, Investment Funds, Tax, Antitrust/Competition, Fintech, Financial Services Regulatory, Infrastructure, Transportation & Logistics, and Debt Finance, respectively.
Furthermore, the transaction is expected to benefit from the advisory services of global law firm White & Case LLP. Will Lund, Aimy Roshan, and Elizaveta Bazarova, specialising in Tax, Mergers & Acquisitions, Capital Markets, Debt Finance, Financial Institutions, International Arbitration, and Foreign Direct Investment (FDI) Reviews, will provide legal guidance to the consortium.
The existing district cooling plants, serviced by Tabreed, are expected to add a combined capacity of 600,000 refrigeration tons (RT) to PAL Cooling's operations. An additional plant is currently under construction, and three more are in the planning phase, further expanding the consortium's reach in the district cooling market.
For media inquiries, local contacts can be reached for information. This acquisition marks a significant step towards sustainable and efficient cooling solutions in the UAE, further solidifying the country's commitment to a greener future.
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