International Holding Company (IHC), the Abu Dhabi-based conglomerate, has completed its acquisition of a majority stake in Arena Events Group, one of the world’s largest event and hospitality structure companies.
The acquisition of the 70 percent stake in Arena for a total consideration of AED239.8 million ($65 million) marks IHC’s entry into the global event and semi-permanent structures industry.
IHC said Arena 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, a statement said.
Paul Berger, the current Arena EMEA CEO, will transition to become Arena’s global CEO, it added.
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.”
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 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.”
IHC was founded in 1998, as part of an initiative to diversify and grow non-oil business sectors in the UAE.
Comprising more than 30 entities, IHC has interests across a growing number of sectors, including real estate, agriculture, healthcare, food and beverage, utilities, IT and communications, retail and leisure.
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