PHOTO
Abu Dhabi-based Multiply Group, a subsidiary of International Holding Company (IHC), on Tuesday said it has acquired 80% of International Energy Holding LLC, as it moves into utilities and energy investments.
The remaining 20% of International Energy Holding has been acquired by Alpha Dhabi Holding, another subsidiary of IHC, multiply said in a statement.
It didn't disclose a value for the transaction. Multiply Group had recently invested AED 10 billion in a 7.3% stake in the Abu Dhabi National Energy Company and AED 367 million in the recent IPO of Dubai’s utility DEWA.
International Energy Holding, an oil and gas conglomerate, recently acquired a 50% stake in Turkey's Kalyon Enerji Yatrimlari A.Ş., a clean and renewable energy company.
(Writing by Brinda Darasha; editing by Seban Scaria)
