PAL Cooling: $1 Billion Acquisition by CVC DIF and Tabreed
Deal News | Jun 30, 2025 | Zawya
Global infrastructure investor CVC DIF, the infrastructure arm of CVC Capital Partners, and Abu Dhabi-based global district cooling company Tabreed are set to acquire PAL Cooling Holding from Abu Dhabi’s Multiply Group. The transaction is valued at approximately 3.8 billion dirhams ($1.03 billion). PAL Cooling, established in 2006, boasts eight long-term concession agreements with prominent developers such as Aldar Properties, Modon, and Imkan. These agreements encompass three concessions on the Abu Dhabi main island and five on Al Reem Island. The deal is pending standard regulatory approvals.
Sectors
- Infrastructure Investment
- District Cooling
- Private Equity
Geography
- United Arab Emirates – The acquisition involves companies based in Abu Dhabi, UAE, and includes strategic assets located there.
Industry
- Infrastructure Investment – The article discusses the acquisition of an infrastructure company by a major investor and a district cooling company, indicating the involvement of infrastructure investment.
- District Cooling – Tabreed is a company specializing in district cooling, which is a focus of the acquisition.
- Private Equity – CVC DIF, a private equity firm, is actively participating in the acquisition, showing the relevance of private equity in the deal.
Financials
- $1.03 billion – The acquisition price for PAL Cooling Holding.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| PAL Cooling Holding | Target Company | Company | An Abu Dhabi-based firm with long-term concession agreements in district cooling. |
| CVC DIF | Acquirer | Company | The infrastructure investment arm of CVC Capital Partners. |
| Tabreed | Acquirer | Company | An Abu Dhabi-based global district cooling company. |
| Multiply Group | Vendor | Company | Selling PAL Cooling Holding. |
| Aldar Properties | Other Company | Company | A leading master developer in Abu Dhabi with partnerships with PAL Cooling. |
| Modon | Other Company | Company | A master developer working in partnership with PAL Cooling. |
| Imkan | Other Company | Company | Another master developer associated with PAL Cooling. |