Multiply Group Sells PAL Cooling to Consortium for AED 3.8 Billion
Deal News | Jul 07, 2025 | Legal Community MENA
Clifford Chance is acting as the legal advisor to Multiply Group in the sale of its UAE-based district cooling business, PAL Cooling Holding. The buyer is a consortium consisting of National Central Cooling (also known as Tabreed) and CVC DIF. The transaction is valued at approximately AED 3.8 billion and is contingent upon regulatory approval, with the closing expected later this year. PAL Cooling Holding, established in 2006, operates five modern plants in Abu Dhabi and is developing four additional facilities. The legal advisory team from Clifford Chance is led by corporate partners Mohammed Al-Shukairy and Lynn Ammar, with participation from various specialists covering M&A, real estate, financing, tax, regulatory and antitrust matters.
Sectors
- Legal Advisory
- District Cooling
- Investment & Finance
Geography
- United Arab Emirates – The location of PAL Cooling Holding's operations and the legal jurisdiction under which the sale is taking place.
Industry
- Legal Advisory – The sector involved in advising companies on legal matters, shown by Clifford Chance's role in the sale of PAL Cooling.
- District Cooling – The industry related to the distribution of cooling services, as exemplified by PAL Cooling Holding's operations.
- Investment & Finance – Involves financial transactions and management of investments, as seen in the sale involving Multiply Group and the consortium.
Financials
- AED 3.8 billion – The operation value of the sale of PAL Cooling Holding and its subsidiaries.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Multiply Group | Seller | Company | The company selling its district cooling business, PAL Cooling Holding. |
| PAL Cooling Holding | Target | Company | The district cooling business being sold to the consortium. |
| National Central Cooling (Tabreed) | Buyer | Company | Part of the consortium purchasing PAL Cooling Holding. |
| CVC DIF | Buyer | Company | Part of the consortium purchasing PAL Cooling Holding. |
| Clifford Chance | Legal Advisor | Company | The legal firm advising Multiply Group on the sale of PAL Cooling Holding. |