Abu Dhabi National Hotels (ADNH) has completed the buyout of shares held by Compass Group International in their joint venture (JV) operations in the UAE.

The legal formalities for the acquisition of Compass Group’s 50% stake in ADNH Compass were completed on March 27, 2024, ADNH said in a disclosure on the Abu Dhabi Securities Exchange (ADX).

The acquisition is in line with the company’s plan to boost earnings from major business segments. The buyout is expected to bring in an additional net profit gain of nearly AED 100 million ($27 million) for ADNH.

ADNH Compass is a provider of catering, cleaning and support services, as well as manpower supply. It was established as a JV between ADNH and Compass Group, which is one of the UK’s Top 30 FTSE-listed businesses.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com