Modon agrees to acquire London’s Arena Events from IHC + KSA’s Tasheel: ADQ-backed developer Modon Holding has entered into a definitive agreement with Abu-Dhabi based conglomerate IHC and Saudi Arabia’s Tasheel Holding Group to acquire London’s Arena Events Group, according to a press release (pdf). The transaction — for which the value is still undisclosed — is expected to close by the end of next month.

Who owns what: Theta Bidco, the parent company and sole owner of Arena Events, is currently 70% owned by IHC and 30% owned by Tasheel. Upon fruition, Modon Holding will own 100% of the large-scale events management company. Also worth noting: IHC Group, one of the sellers, is also a majority shareholder in the buyer Modon Holding.

The rationale: “The acquisition…represents its [Modon] first significant entry into North America, which is the largest revenue generating region for Arena, housing almost half of its +1k global workforce,” the statement reads.

The Abu Dhabi-based real estate developer has been making a global push recently, with the acquisition of Spanish real estate company La Zagaleta and inking an agreement in October to become the master developer on the USD 35 bn Ras El Hekma megaproject in Egypt. Its subsidiary, Adnec’s Excel London, also recently acquired London’s BDCG Holdings, which owns the Business Design Center venue in north London. The developer also acquired a 50% stake in London’s skyscraper project 2 Finsbury Avenue under a newly-formed 50-50 JV with Broadgate REIT last week.

About Arena Events: Founded in 2007, the event solutions provider operates across over 10 countries including the US, UK, and Saudi Arabia. Its ventures included delivering large-scale solutions for the 2024 Paris Olympics, Formula 1 races (in Abu Dhabi, Jeddah, Las Vegas, Miami and Austin), Wimbledon and the T20 World Cup in New York. Arena is also a key partner of major golf tour operators PGA of America and LIV Golf, which is backed by the Saudi sovereign wealth fund PIF.

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