Tabreed Leads $1.1 Billion Bid with CVC for Multiply Group Unit

National Central Cooling Company, known as Tabreed, and CVC, a private equity firm, have entered exclusive negotiations to acquire PAL Cooling Holding (PCH), the district cooling subsidiary of Multiply Group. The deal is anticipated to value PCH at over $1 billion, possibly reaching $1.1 billion. Tabreed and CVC's bid emerged as the most competitive for acquiring PCH, and they are now engaged in bilateral discussions with Multiply. This development underscores the growing interest of international buyout firms in the Gulf as regional governments attempt to diversify their economies beyond oil dependency. Tabreed did not comment on the ongoing transaction talks, emphasizing its policy of announcing finalized deals only. CVC and Multiply Group also chose not to comment. PCH, founded in 2006, operates several district cooling plants in Abu Dhabi. District cooling solutions offer an energy-efficient alternative to traditional air conditioning in high-temperature regions and are commonly used across the UAE. Previously reported potential bidders for Multiply's cooling business included prominent investment firms such as KKR, I Squared Capital, Investcorp, and TAQA. Multiply Group is owned by IHC, under the leadership of Sheikh Tahnoon bin Zayed Al Nahyan, UAE's national security adviser.