{"id":92920,"date":"2024-06-11T00:00:00","date_gmt":"2024-06-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/presight-completes-acquisition-of-aiq-for-usd-350-mn\/"},"modified":"2024-06-11T00:00:00","modified_gmt":"2024-06-11T00:00:00","slug":"presight-completes-acquisition-of-aiq-for-usd-350-mn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/06\/11\/presight-completes-acquisition-of-aiq-for-usd-350-mn\/","title":{"rendered":"Presight completes acquisition of AIQ for USD 350 mn"},"content":{"rendered":"

Presight snaps USD 350 mn stake in AIQ:<\/strong> ADX-listed data analytics firm Presight AI<\/a> completed its acquisition of a 51% stake in AIQ, Adnoc\u2019s AI joint venture with G42, in a USD 350 mn transaction, an ADX filing (pdf)<\/a> reads. The payment is structured in two tranches: USD 245 mn, which it has already paid, and USD 105 mn due by 30 November. Presight had said previously that the transaction values AIQ at USD 1.4 bn.<\/p>\n

Background:<\/strong> Presight received board approval for the acquisition in late May<\/a>. The company is indirectly acquiring the entity through the acquisition of the entirety of G42\u2019s shares in P Ventures. <\/p>\n

REFRESHER-<\/strong> Presight revealed its plans<\/a> to acquire a majority stake in AIQ, saying it would be acquiring the entirety of G42\u2019s 40% stake in AIQ, in addition to 11% of Adnoc\u2019s 60% stake in the JV. The acquisition aims to help advance Adnocs\u2019 plans to become the \u201cenergy industry\u2019s leading AI company,\u201d Industry Minister and Adnoc CEO Sultan Ahmed Al Jaber, who will assume the role of chairman at AIQ, said.<\/p>\n

IN OTHER M&A NEWS-<\/p>\n

Ras Al Khaimah White Cement backs Ultratech\u2019s offer:<\/strong> Ras Al Khaimah Co for White Cement\u2019s board of directors is recommending Ultratech\u2019s bid to acquire a 31.6% stake in the company to the company\u2019s shareholders, according to an ADX filing (pdf)<\/a>. The Indian cement manufacturer offered to purchase around 158 mn shares at AED 1.15 per share through its UAE-based subsidiary, UltraTech Cement Middle East Investments.<\/p>\n

Refresher:<\/strong> UltraTech intends to expand the cement<\/a> manufacturer\u2019s operations locally and globally, and to introduce new products to Rak Cement\u2019s production portfolio, such as wall care putty. UltraTech acquired a 29.39% stake in Rak Cement for USD 101 mn in 2022.<\/p>\n

\n

Adnoc has fully redeemed its USD-denominated senior unsecured bonds in <\/strong>Adnoc Distribution<\/strong>, paying bondholders USD 1.2 bn on 4 June, a press release<\/a> reads. The payment means that Adnoc now retains around 77% of Adnoc Distribution's shares.<\/p>\n

Background:<\/strong> Adnoc had said it plans to settle<\/a> its May 2021 exchangeable bonds with a USD 1.19 bn principal and USD 4.18 mn in coupons in April, ahead of their expiry in May. <\/p>\n","protected":false},"excerpt":{"rendered":"

Presight snatched a 51% stake in the Adnoc-G42 JV<\/p>\n","protected":false},"author":1,"featured_media":92921,"comment_status":"","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":[2392],"tags":[57,896,7,599,60,1673],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-adnoc","tag-adnoc-distribution","tag-enterpriseam-uae","tag-g42","tag-ma-watch","tag-presight","wpautop","entry"],"acf":{"mongo_id":"9b2de8cb-b4dd-460e-9d54-3fd1576c047b","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/958.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Presight completes acquisition of AIQ for USD 350 mn","related_issue":[92910],"teaser":"Presight snatched a 51% stake in the Adnoc-G42 JV","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.1a1c1987-70f6-4f9f-a49b-227a133e4156.mp3"},"yoast_head":"\nPresight completes acquisition of AIQ for USD 350 mn - 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