Abu Dhabi National Hotels (ADNH) has finalized the acquisition of the remaining stake in its JV with Compass Group, ADNH Compass, it said in a disclosure to the ADX (pdf). The value of the transaction — which will see ADNH acquire Compass’ entire 50% stake in the company — was not disclosed in the statement.

ICYMI- ADNH and Compass Group had reached an agreement for the takeover earlier this month. The acquisition “is part of ADNH’s strategic plan to boost its revenues” and income margins from key business segments,” the company said at the time. The transaction is expected to help ADNH reel in an additional AED 100 mn in annual net income.

Background: ADNH established a JV in 2008 with Compass Group and is now “rated as the biggest provider of food and manpower services to corporates and organizations,” according to Gulf News. The JV now offers its services, which include retail and vending, cleaning and housekeeping, pest control, and integrated facilities management, to clients ranging from schools and universities, to defense and correctional players, and the healthcare industry.

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