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Big data analytics firm Presight is taking a majority shareholding in AIQ, a joint venture company of Abu Dhabi National Oil Company (ADNOC) and G42, according to a new agreement announced on Wednesday.
Under the new deal, Presight will take a 51% stake in AIQ, while ADNOC will retain the remaining 49%, a statement said. The shareholding was previously split between G42, accounting for 40% and ADNOC, 60%.
ADNOC will also receive 4% in Presight shares currently from G42, in exchange for 11% of its shareholding in AIQ. Given Presight’s current market value, the arrangement will value AIQ at more than $1.4 billion.
AIQ will remain as a standalone company, with Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, assuming the role of AIQ Chairman, and Mansoor Al Mansoori, Member of Abu Dhabi Executive Council and Chairman of the Abu Dhabi Department of Health and Chairman of Presight, as the Vice-Chairman.
Launched in 2020, AIQ provides AI solutions in the energy sector.
Presight made its debut on the Abu Dhabi Securities Exchange (ADX) in 2023.
(Writing by Cleofe Maceda; editing by Seban Scaria)
