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France's Engie to buy 40% stake in UAE's Tabreed for $762 million

Tabreed will become one of Engie's main regional development platforms

Reuters  |  Abu Dhabi 

Engie SA has agreed to buy a 40 per cent stake in Dubai's National Central Cooling Company (Tabreed) and help drive the company's expansion in emerging markets such as Turkey, India and Egypt. Engie is buying the stake for 2.8 billion dirhams ($762 million) from Abu Dhabi state investor Mubadala Investment Co, making it Tabreed's second largest shareholder after Mubadala, which will retain 42 per cent, the two companies said on Monday. Mubadala's stake is held in a combination of equity and mandatory convertible bonds (MCBs). Under the deal, it will convert its ...

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First Published: Mon, June 19 2017. 14:25 IST