Abu Dhabi’s leading conglomerate International Holding Company’s subsidiary Theta Bidco will acquire Arena Events Group, a world-leading events services business for a recommended AED359 million ($98 million) cash offer.
The deal is at 21p per Arena Events Group ordinary share to be bought by Theta Bidco, a company created by IHC Industrial Holding and Tasheel Holding Group.
Arena Events Group is a turnkey event solutions provider listed on the London Stock Exchange, supplying temporary physical structures, seating, exhibition services, refrigeration, fencing and barriers, ice rinks, furniture, and interiors for some of the most prestigious events across Europe, Middle East and Asia, and the Americas.
Arena service major sporting, outdoor and leisure events, providing a managed solution from concept and design through to the construction and integration of the final structure and interior.
Commenting on the acquisition, Peter Abraam, Chief Strategy & Growth Officer of IHC said: "Arena's reputation in the UK, America, Middle East, and Asia, as one of the largest and most experienced event and hospitality structure companies, provides significant value, synergies, and global reach to IHC's diversified portfolio of companies. As we start to move out of a very tough period for the events industry, we are excited by the prospect of new opportunities. Arena's robust geographical presence and pivotal office locations remain the foundation to further grow its international footprint. Our aim is that IHC's global business channels and presence will strengthen Arena's ability to enter new markets and diversify its offerings, reflecting positively on the company's future growth."
The Theta consortium is made up of International Holding Company (IHC), an Abu Dhabi-based publicly listed investor, and Saudi Arabian-based holding company Tasheel. They will own 70% and 30% respectively of the temporary seating specialist.
“The new owners will help Arena grow through additional funding which guarantees the future of the business as a leader in the event rental market. In this regard, both IHC and Tasheel are perfect partners for Arena as they provide enormous security and backing for the business going forward,” said Arena’s chairman Ken Hanna.-- TradeArabia News Service