Tabreed and CVC are in exclusive talks to buy Multiply’s district cooling business in a deal worth over $1 billion, report says
Tabreed, a utility company in the UAE, and CVC Capital Partners, a private investment firm, are said to be in exclusive talks to buy PAL Cooling Holding (PCH), a company based in Abu Dhabi, from Multiply Group. The deal is expected to be worth more than \$1 billion.
Possible Purchase of PCH
Tabreed and CVC have made a joint offer to buy PCH for about $1.1 billion, according to sources who spoke to Reuters. They are currently the top bidders. Other companies that were also interested include KKR, I Squared Capital, Investcorp, and Abu Dhabi’s TAQA.
Tabreed, also known as the National Central Cooling Company and supported by France’s Engie, saw its share price go up by 4.3% to $0.70 (AED 2.7) after the news came out.
PCH runs several district cooling plants in Abu Dhabi. Together, these plants can produce 242,000 refrigeration tonnes, based on the company’s website.
District cooling systems send chilled water through insulated pipes to cool buildings. This is a more eco-friendly option than traditional air conditioning and is popular in the Gulf because of the hot summers.
This possible deal shows that global investment firms are becoming more interested in the Gulf region, as local governments encourage investment in infrastructure and try to grow their economies beyond oil.
Background Information
Multiply is mostly owned by International Holding Company (IHC), which is led by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser. IHC is involved in many businesses and owns shares in government investment funds.
Samia Bouazza, the CEO and managing director of Multiply, was ranked 18th on the Forbes Middle East list of the 100 Most Powerful Businesswomen in 2025. IHC was ranked 3rd on Forbes Middle East’s list of Top 100 Listed Companies in 2024.
Multiply Expands to Europe
In February, Multiply made a deal with CVC and PAI Partners to buy a 67.9% share in Castellano Investments, which owns Tendam Brands. This was done through a capital increase. Now, Multiply is the main owner of Tendam, along with Llano Holdings and Arcadian Investments.
Multiply plans to lead Tendam’s next stage of growth, focusing on expanding into more international markets.
This deal is Multiply’s first big step into Europe and the retail and clothing business. Tendam, Spain’s second-largest clothing company, will be the base of this new business area.
Published: 31th May 2025
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