Presight snags 51% of AIQ: ADX-listed data analytics firm Presight AI Holding is acquiring a 51% majority stake in AIQ, Adnoc’s AI joint venture with G42, a press release (pdf) reads. Presight is acquiring the entirety of G42’s 40% stake in AIQ, in addition to 11% of Adnoc’s 60% stake in the JV. The transaction values AIQ at USD 1.4 bn.

What the acquisition will do: The acquisition aims at combining AI energy solutions with extensive big data analytics, to help Advance Adnocs’ plans to become the “energy industry’s leading AI company,” Industry Minister and Adnoc CEO Sultan Ahmed Al Jaber, who will assume the role of chairman at AIQ, said.

AIQ’s AI solutions are currently being commercialized and include safety detecting applications, failure detection systems, and emissions monitoring. Adnoc is currently using several of AIQ’s applications, including remotely-operated equipment and analysis and modeling of borehole data to assist with drilling activities.

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