Abu Dhabi National Exhibitions Company PJSC made an offer to acquire Abu Dhabi National Hotels Company PJSC (ADX:ADNH) in a reverse merger transaction on June 9, 2021. Under the terms of transaction, Abu Dhabi National Hotels Company would issue to Abu Dhabi Developmental Holding Company PJSC (ADQ) a convertible instrument that would convert into 1.221 billion ordinary shares in the capital of Abu Dhabi National Hotels Company at a fixed price of AED 3.93 per share in ADNH's capital. After the transaction is completed, ADQ will own roughly 54.98% of Abu Dhabi National Hotels Company. Citigroup Inc. (NYSE:C) acted as financial advisor for ADQ in the transaction.