According to the reports, the Specialties of Private Capital KKR and I Squared Capital are among the global asset administrators that offer for a district cooling business owned by the Multiply Group of Abu Dhabi.
The largest alternative investment manager in Middle East, Investcorp, is among the possible suitors for Pal Refresho Holding (PCH),
Assets administrators join a race that includes CVC that is working with the Central Cooling Co de Engie, also known as Tabray, in an agreement that could be worth around $ 1 billion, Reuters He informed, citing unidentified sources.
ABU Dhabi’s energy and public services firm, Taqa, is also looking at the agreement, which approaches its second round with the potential buyers that are expected to have binding offers next month, according to the report.
Reuters said that KKR, Investcorp and Taqa declined to comment, while multiplying, I Squared Capital, CVC and Tabered were not immediately available to comment.
The cooling plants of the district, which deliver cold water through isolated pipes to cold offices, industrial and residential buildings, have been developed as a cheaper and ecological alternative in the air conditioning.
The cable service reported last month that Tabray was working with Citi in a possible offer.
The interest in PCH underlines how purchasing groups are now analyzing local investment opportunities in the Gulf as the governments of the region implement ambitious programs to diversify their oil economies.
Before, capital companies would raise money there to invest elsewhere.
Last week, KKR became the last asset manager to announce plans to build a team in the region to go after the Gulf agreements.
Multiply is controlled by IHC, whose president is Sheikh Tahnoon Bin Zayed al Nahyan, the National Security Advisor of the EAU and brother of the president of the country that controls an extensive commercial empire that includes two funds of Soereign wealth.
Private capital funds worldwide obtained around $ 680 billion in 2024, a decrease of 30 percent of approximately $ 966 billion raised in 2023, said the Global S&P market intelligence data in January.
