Baker McKenzie with CVC DIF on partnership with Tabreed
Baker McKenzie advised CVC DIF, the infrastructure strategy of CVC Capital Partners mid-market infrastructure equity fund manager, on its strategic partnership with National Central Cooling Company PJSC (Tabreed), a UAE-based district cooling company, to acquire PAL Cooling Holding from Abu Dhabi’s Multiply Group.
The context
With an equity value of approximately USD 1.03 billion, the transaction, includes three long-term concessions in the Abu Dhabi main island area and five long-term concessions on Al Reem Island, and remains subject to customary regulatory approvals.
Founded in 2006, PAL is active across the UAE district cooling market, catering to landmark residential, commercial and mixed-use developments.
The Baker McKenzie team
Dubai-based Corporate and M&A partner Abeer Jarrar (pictured) led the global Baker McKenzie multi-disciplinary team on the matter, working alongside Infrastructure M&A partner Nick Rainsford (London) and senior associate George Ewen (London). Tax counsel Ben Phillips (Dubai) and arbitration senior associate Taisiya Vorotilova (Dubai) further contributed to the team effort.
