Abu Dhabi - Mubasher: Multiply Group entered into an agreement to monetize 100% of its shares in PAL Cooling Holding for a consortium comprising  National Central Cooling Company (Tabreed) and CVC DIF.

The transaction, valued at approximately AED 3.80 billion, is expected to unlock significant value and strengthen Multiply Group’s liquidity position, according to a press release.

Subject to regulatory approvals, the proceeds of the transaction will be allocated to fuel growth across Multiply Group’s core verticals and advance its global expansion strategy.

Samia Bouazza, CEO and Managing Director of Multiply Group, described the divestment as a “deliberate step” in the group’s portfolio optimization strategy, aimed at delivering superior returns and enhancing financial flexibility.

Founded in 2006, PAL Cooling operates five plants and holds eight long-term concessions, serving key UAE developments, including Reem Island.

Multiply Group took over the company and its subsidiaries in July 2021, placing it under its Energy & Utilities vertical. This contributed to its recurring income base and benefited from operational efficiencies.

Gijs Voskuyl, Managing Partner at CVC DIF, said: "Together with our partners, we are convinced that PAL Cooling is a high-quality investment that will provide our investors with solid returns, while offering the potential for long-term growth and sustainable value creation.”

Standard Chartered and Clifford Chance led the transaction on behalf of Multiply Group, while Tabreed and CVC DIF have been advised by Citi, Synergy Consulting, and White & Case.

The deal follows Multiply Group’s financial performance for the first quarter (Q1) of 2025, with EBITDA rising 19% year-on-year (YoY) to AED 572 million and revenue surging 50% YoY to AED 585 million.

The ADX-listed group recently launched Multiply Media Group (MMG) to support its global expansion strategy.