HSF represents ENGIE on its bid to acquire a stake in Tabreed

Herbert Smith Freehills has advised ENGIE on its bid to acquire a 40 per cent stake in Dubai-listed National Central Cooling Company PJSC (Tabreed) from Mubadala Investment Company (Mubadala), the Abu Dhabi-based strategic investment company. The transaction amounts to a total consideration for ENGIE of an estimated AED2.8 billion (USD762 million).

ENGIE will become a key strategic shareholder along with Mubadala (which will retain a 42 per cent stake) following the transaction, which is subject to regulatory approval. Closing is expected in Q3 2017.

Tabreed has steadily grown over the years to become a key player and today provides its innovative cooling solutions to iconic infrastructure projects in the United Arab Emirates and across the Gulf Cooperation Council (GCC). With over 70 district cooling plants located throughout the GCC, the company today delivers over 1 million refrigeration tons to key developments in the region. Its portfolio includes Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, the Dubai Metro, Dubai Parks and Resorts, and the Jebal Omar Development Project in the City of Mecca.

The Herbert Smith Freehills team was led by Dubai-based projects partner Anthony Ellis and corporate partner Zubair Mir and, supported by senior associates Ben Davies and Phil Hanson.