Multiply Group PJSC, Abu Dhabi Pension Fund and other prominent investors entered into an agreement to acquire 8.6% stake in Abu Dhabi National Energy Company PJSC from Abu Dhabi Power.

Multiply Group PJSC (ADX:MULTIPLY), Abu Dhabi Pension Fund and other prominent investors entered into an agreement to acquire 8.6% stake in Abu Dhabi National Energy Company PJSC (ADX:TAQA) from Abu Dhabi Power on September 13, 2022. Under the terms of transaction, Multiply Group PJSC acquire 7.3% stake in Abu Dhabi National Energy for AED 10 billion. Bloomberg estimated the divestment was worth $3.6 billion (AED 13.2 billion) for ADQ, which still retains 90 percent of shares.

Transaction will support our aspiration to facilitate increased free float in TAQA and Abu Dhabi's capital markets. As a majority-owned portfolio company of ADQ serving as its key growth platform within the utilities sector, TAQA remains a key asset within ADQ's energy and utilities portfolio supporting its activities in accelerating the UAE's clean energy transition while generating sustainable financial returns. Transaction is subject to regulatory approval.