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.