{"id":89670,"date":"2025-04-25T00:00:00","date_gmt":"2025-04-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2025\/04\/25\/investcorp-us-buyers-make-plays-for-pal-cooling-takeover\/"},"modified":"2025-04-25T00:00:00","modified_gmt":"2025-04-25T00:00:00","slug":"investcorp-us-buyers-make-plays-for-pal-cooling-takeover","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2025\/04\/25\/investcorp-us-buyers-make-plays-for-pal-cooling-takeover\/","title":{"rendered":"Investcorp, US buyers make plays for Pal Cooling takeover"},"content":{"rendered":"

More bidders eye Pal Cooling buyout:<\/strong> US-based PE firms KKR<\/a> and I Squared<\/a>Capital<\/a>, along with the Middle East\u2019s biggest alternative investor Investcorp, are said to be weighing bids for Multiply Group\u2019s district cooling unit Pal Cooling Holding (PCH), Reuters<\/a> reported on Friday, citing sources it says are familiar with the matter. The sale \u2014 announced early last month<\/a> \u2014 could fetch around USD 1 bn, with binding offers expected next month. <\/p>\n

Not the only eyes on Pal: <\/strong>The move sees KKR and I Squared Capital join a growing pool of<\/a>suitors<\/a> for the Abu Dhabi asset \u2014 including state utility firm Taqa, state cooling business Tabreed, and Dutch PE firm CVC, which is working with Tabreed, the sources said. <\/p>\n

District cooling acquisitions history in UAE:<\/strong> Big district cooling players in the UAE have been expanding their market share through acquisitions<\/a>. Mubadala-backed Tabreed acquired an 80% stake in Emaar Properties\u2019 district cooling unit in 2020, and DFM-listed Dubai-based Empower snapped up the Dubai International Airport\u2019s district cooling assets in 2023 and has recently been on an acquisition spree for more district cooling units across the country.<\/p>\n","protected":false},"excerpt":{"rendered":"

Big district cooling players in the UAE have been expanding their market share through acquisitions<\/p>\n","protected":false},"author":1,"featured_media":89671,"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":[199,11,218,79,50,649,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-district-cooling","tag-enterpriseclimate","tag-investcorp","tag-ma-watch","tag-mubadala","tag-pal-cooling","tag-uae","wpautop","entry"],"acf":{"mongo_id":"a610912d-ac3b-4265-b2ac-6577c7929fdc","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1005.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Investcorp, US buyers make plays for Pal Cooling takeover","related_issue":[89661],"teaser":"Big district cooling players in the UAE have been expanding their market share through acquisitions","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.ef65fd8d-2bc7-45f9-b3d7-1a3b516ccd50.mp3"},"yoast_head":"\nInvestcorp, US buyers make plays for Pal Cooling takeover - 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