Leading global law firm Baker McKenzie has advised CVC DIF, the infrastructure strategy of CVC Capital Partners and a leading global 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 transaction, with an equity value of approximately USD 1.03 billion, 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.
Commenting on the landmark deal, Corporate M&A Partner Abeer Jarrar said: “We are proud to have supported CVC DIF on this landmark transaction, which reflects the continued strength of strategic partnerships in the region and growing investor interest in sustainable and scalable infrastructure solutions in the region. This deal showcases our ability to navigate complex, cross-border transactions and deliver seamless execution across markets.”
PAL was founded in 2006 and is a prominent player in the UAE district cooling market, catering to landmark residential, commercial and mixed-use developments. It is strongly positioned on Al Reem Island, which is part of the ADGM free zone and is poised to benefit from the expected development ramp-up, with future network expansion already licensed by Abu Dhabi’s Department of Energy.
Infrastructure M&A Partner, Nick Rainsford, further stated: “This transaction underscores the increasing role of private capital in the energy transition and essential infrastructure across the Middle East. We are delighted to have worked alongside CVC DIF on this alliance with Tabreed, which highlights the strength of our global private capital platform and depth of sector expertise."
The global Baker McKenzie multi-disciplinary team was led by Corporate M&A Partner Abeer Jarrar (Dubai), alongside Infrastructure M&A Partner Nick Rainsford (London) and Senior Associate George Ewen (London). They were supported by Tax Counsel Ben Phillips (Dubai) and Arbitration Senior Associate Taisiya Vorotilova (Dubai).