{"id":74226,"date":"2022-10-05T02:06:28","date_gmt":"2022-10-05T02:06:28","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/10\/05\/multiply-bought-a-majority-stake-in-international-energy-holding-company\/"},"modified":"2022-10-05T02:06:28","modified_gmt":"2022-10-05T02:06:28","slug":"multiply-bought-a-majority-stake-in-international-energy-holding-company","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/10\/05\/multiply-bought-a-majority-stake-in-international-energy-holding-company\/","title":{"rendered":"Multiply bought a majority stake in International Energy Holding Company"},"content":{"rendered":"

<\/a> ADX-listed <\/strong>Multiply Group<\/a><\/strong> acquired an 80% stake in UAE-based <\/strong>International <\/strong>Energy Holding Company<\/strong>, a subsidiary of International Holding Company (IHC<\/a>), it announced<\/a>in a statement yesterday. Multiply is a conglomerate with businesses in sectors ranging from media to mobility; it\u2019s now looking to grow its investment in clean energy globally. \u201cThe industry offers strong growth potential as the world transitions towards clean and renewable energy,\u201d said Multiply CEO Samia Bouazza. The other 20% of IEH has been acquired by IHC subsidiary Alpha Dhabi Holding<\/a>.<\/p>\n

What\u2019s IHC? <\/strong>IHC has holdings in nine industries, from finance to real estate, food and beverages, agriculture, industry, utilities, and healthcare \u2014 and it\u2019s now diving deeper into renewables. Back in August, IHC purchased<\/a> 50% of Turkey\u2019s Kalyon Enerji for approximately USD 517 mn through its subsidiary International Energy Holding. The Turkish company has several solar and wind projects \u2014 ongoing and in the pipeline \u2014 serving over 2 mn people.<\/p>\n

GO DEEPER- <\/strong>The high-profile Abu Dhabi company is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE\u2019s national security advisor and a leading figure in the business community. Sheikh Tahnoon, the brother of UAE President Sheikh Mohamed bin Zayed, chairs high-profile corporations including Abu Dhabi sovereign wealth fund ADQ<\/a>, lender FAB<\/a> and Royal Group<\/a>, among others.<\/p>\n

What they said:<\/strong> Multiply Group\u2019s acquisition \u201creflects [a] strategy to build up utilities vertical which has contributed to [the group\u2019s] financial performance,\u201d Bouazza added. Multiply Group will use IEH \u201cto continue expanding its utilities and energy investments globally,\u201d the company said in the statement.<\/p>\n

Multiply has a green M&A track record:<\/strong> In 2021, the company acquired a 100% of Pal Cooling Holding<\/a>, a UAE-based district cooling solutions provider. In March of 2022, the conglomerate invested in the Dubai Electricity and Water Authority\u2019s (DEWA) IPO<\/a> nearly USD 100 mn. 6 months later, the conglomerate acquired a 7.3% stake<\/a> in the Abu Dhabi National Energy Company PJSC (TAQA) for USD 2.7 bn.<\/p>\n

Abu Dhabi is pushing hard into renewables around the world \u2014 and others in the region are following suit: <\/strong>State-owned Abu Dhabi giant Masdar is planning on growing its renewables portfolio through a string of global acquisitions<\/a>, the company announced last Monday. The Qatar Investment Authority (QIA) is also getting with the programme. The fund recently announced<\/a> spending EUR 2.4 bn on major German utilities provider RWE in a debt-to-equity swap that will eventually see QIA own 9.09% of RWE.<\/p>\n","protected":false},"excerpt":{"rendered":"

ADX-listed Multiply Group acquired an 80% stake in UAE-based International Energy Holding Company, a subsidiary of International Holding Company (IHC), it announcedin a statement yesterday. Multiply is a conglomerate with businesses in sectors ranging from media to mobility; it\u2019s now looking to grow its investment in clean energy globally. \u201cThe industry offers strong growth potential […]<\/p>\n","protected":false},"author":1,"featured_media":74227,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2016],"tags":[999,11,79,1000,88,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-acquisitions","tag-enterpriseclimate","tag-ma-watch","tag-multiply-group","tag-renewables","tag-uae","wpautop","entry"],"acf":{"mongo_id":"c28ab76f-170f-43d9-9e09-52506ac182d6","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/10\/716.png","photo_position":"above","related_issue":[74222],"teaser":"","voice_url":""},"yoast_head":"\nMultiply bought a majority stake in International Energy Holding Company - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/10\/05\/multiply-bought-a-majority-stake-in-international-energy-holding-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Multiply bought a majority stake in International Energy Holding Company\" \/>\n<meta property=\"og:description\" content=\"ADX-listed Multiply Group acquired an 80% stake in UAE-based International Energy Holding Company, a subsidiary of International Holding Company (IHC), it announcedin a statement yesterday. 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