Clifford Chance with Multiply Group on PAL Cooling sale
Clifford Chance is advising Multiply Group on the sale of its UAE-based district cooling business, PAL Cooling Holding and its subsidiaries, to a consortium comprising National Central Cooling (Tabreed) and CVC DIF. The operation values approximately at AED 3.8 billion. Subject to regulatory approvals, closing is planned for later this year.
Founded in 2006, PAL Cooling Holding currently operates five state-of-the-art plants in Abu Dhabi, with four additional plants under development.
The Clifford Chance team
Clifford Chance advised Multiply Group on all aspects of the sale, including corporate M&A, real estate, financing, tax and regulatory matters. Corporate partners Mohammed Al-Shukairy (pictured left) and Lynn Ammar (pictured right) led the firm’s team on the matter, with support from associates Ahmed Shafiek, Sami Rahim, and Mehran Azzam.
Moreover, partner Chirag Sanghrajka, senior associates Charles Anderson and Gabriel Miranda, as well as associate Serena Chang contributed on projects. Partner Tariq Imam and senior associate Sher Khan supported on real estate matters. Partner David Saleh advised on tax, together director Vadim Romanoff and associate Nick Humphries. Counsel Sabra Ferhat covered antitrust matters.
