White & Case Advises on PAL Cooling Acquisition
Deal News | Jul 02, 2025 | White & Case
Global law firm White & Case LLP has provided legal advisory services to a consortium led by CVC DIF and Tabreed, aimed at acquiring PAL Cooling, a leading district cooling company in the UAE, from the Multiply Group. The transaction is valued at approximately $1 billion and is pending regulatory and other approvals. PAL Cooling, established in 2006, is a significant player in the UAE district cooling market, with significant operations in Abu Dhabi through eight long-term cooling concessions. The acquisition aligns with strategic objectives to meet the UAE's rising demand for sustainable cooling solutions, driven by both population growth and governmental decarbonization targets. The advisory team from White & Case encompassed multiple global offices, reflecting the complex multinational nature of the deal.
Sectors
- Legal Services
- Private Equity
- Infrastructure and Utilities
- Real Estate
Geography
- United Arab Emirates – PAL Cooling is operating in the UAE, and the acquisition aligns with strategic goals for sustainable cooling in the region.
- United States – White & Case, advising on the transaction, is a global law firm headquartered in New York, and part of the legal team is based in Washington DC.
- United Kingdom – The advisory team includes partners and associates based in London, indicating the deal's multinational legal reach.
- Belgium – Some legal advisors involved are based in Brussels, contributing to the transaction's international aspects.
Industry
- Legal Services – The article prominently features White & Case, a law firm providing advisory and legal services.
- Private Equity – CVC DIF is the infrastructure arm of a global private markets manager involved in the acquisition.
- Infrastructure and Utilities – Tabreed and PAL Cooling are involved in district cooling, a key utility service in urban infrastructure.
- Real Estate – PAL Cooling services are integral to residential, commercial, and mixed-use developments in the UAE.
Financials
- US$1 billion – The estimated value of the proposed acquisition of PAL Cooling.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| PAL Cooling | Target Company | Company | A prominent player in the UAE district cooling market with significant operations in Abu Dhabi. |
| Multiply Group | Selling Company | Company | The current owner of PAL Cooling. |
| CVC DIF | Bidding Company | Company | The infrastructure arm of leading global private markets manager CVC, part of the consortium acquiring PAL Cooling. |
| Tabreed | Bidding Company | Company | A world-leading district cooling company partnering with CVC DIF to acquire PAL Cooling. |
| White & Case LLP | Legal Advisor | Company | The global law firm advising the consortium on the acquisition of PAL Cooling. |
| Steven Worthington | Partner | Person | Led the White & Case advisory team on the transaction. |