Abu Dhabi, UAE: International Holding Company PJSC (ADX: IHC), the Abu Dhabi-headquartered multi-sector conglomerate, has completed its acquisition of a majority stake in Arena Events Group PLC (“Arena”), a world-leading event structures and entertainment services business, previously listed on the AIM market of the London Stock Exchange.
The acquisition of a 70% stake in Arena for a total consideration of AED 239.8 million (approximately USD 65 million) marks IHC’s entry into the global event and semi-permanent structures industry and will provide a significant international boost to IHC’s multi-sector and diversified portfolio.
Arena is one of the world’s largest event and hospitality structure companies, with a highly regarded global reputation. It provides turnkey event solutions, such as temporary physical structures, modular construction, seating and grandstands, ice rinks, and interior fit out for an extensive portfolio of major sporting, outdoor and leisure events in the UK, North America, Middle East and Asia.
The transaction will see TasHeel Holding Group, Arena’s existing largest shareholder, join with IHC to enrich the Company’s highly regarded industry reputation, heritage and talented pool of employees. Paul Berger, the current Arena EMEA CEO, will transition to become Arena’s Global CEO.
Commenting on the acquisition, Syed Basar Shueb, CEO and Managing Director of IHC, said: "As the world emerges from a period of marked disruption to the events industry, bolstered by the global rollout of vaccination programmes and the opening up of international markets, we see great opportunity for rapid growth in this sector. We have already seen this bear fruit with Arena’s exciting new projects, including the Commonwealth Games in Birmingham, the two newest Formula 1 Grands Prix in Miami and Jeddah, and golf events like the CJ Cup in Korea”
Paul Berger added: “I believe that this investment is a testament to both the immense potential that Arena has as a business, as well as the reputation that we have earned for delivering outstanding results for all our clients, including some of the largest events in the world. Arena's focus has always been on its clients, and this investment will enable us to continue to enhance the quality, speed and efficiency of our delivery, which will in turn positively impact each of our clients' projects. I see this as a period of tremendous opportunity for Arena and I believe that we will now have the support that we need to continue to grow and develop our world-leading offering in each of our global regions.”
Newly appointed Chairman of the Arena Events Group, Peter Abraam, said: “Arena's established expertise, 15 global offices, 260-year heritage and 1,000+ employees across multiple regions remain at the core of enhancing and growing our international footprint and offering. With the largest stock of clear span structure in America, and the second largest inventory of grandstand seating globally, Arena’s ambitions are limitless. IHC aims to provide Arena the backing to strengthen the foothold and capabilities of each of its territory headquarters in the UK, Asia, the Americas, Europe and the Middle East. With IHC's expansive business channels, reach and presence, we believe we are now exceptionally placed to catapult Arena’s growth trajectory. We look forward to working closely with Paul and his senior team, who have all been an integral part of the journey so far, as Arena embarks on its next phase of growth alongside IHC.”
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International Holding Company (IHC)
IHC was founded in 1998, as part of an initiative to diversify and grow non-oil business sectors in the UAE. Adhering to ‘Abu Dhabi’s Vision 2030’, the ADX listed company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates. IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 30 entities, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate, Agriculture, Healthcare, Food and Beverage, Utilities, Industries, IT and Communications, Retail and Leisure, and Capital.
With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes, and new opportunities arise, IHC remains focused on resilience, innovation and redefining the marketplace for itself, its clients, and its partners.
Arena Events Group plc
Arena is a turnkey event solutions provider, supplying temporary physical structures, grandstand seating, exhibition services, refrigeration, barriers & fencing, ice rinks, furniture, and interiors servicing some of the most prestigious sporting, outdoor and leisure events across the UK & Europe, Middle East & Asia, and the Americas.
For media enquiries, please contact:
Ahmad Ibrahim
Head of Corporate Communication and Media
International Holding Company
Ahmad.ibrahim@ihcuae.com
© Press Release 2022
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