Abu Dhabi, UAE: International Holding Company PJSC (ADX: IHC), Abu Dhabi’s leading conglomerate, and Arena Events Group plc, a world-leading events services business listed on the London Stock Exchange, announced on 20 October 2021 a recommended AED 359 million ($98 million) cash offer at 21p per Arena Events Group plc ordinary share by IHC subsidiary, Theta Bidco Ltd. A company created by IHC Industrial Holding LLC and Tasheel Holding Group LLC.
Arena Events Group plc is a turnkey event solutions provider, supplying temporary physical structures, seating, exhibition services, refrigeration, fencing & barriers, ice rinks, furniture, and interiors for some of the most prestigious events across Europe, Middle East & 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.
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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, 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. Arena is headquartered in the UK and was admitted to trading on AIM in July 2017.
For media enquiries, please contact:
Ahmad Ibrahim
Head of Corporate Communication and Media
International Holding Company
Ahmad.ibrahim@ihcuae.com
© Press Release 2021
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