Clifford Chance

Clifford Chance advises Multiply Group on landmark AED 3.8 billion sale of PAL Cooling Holding to Tabreed – CVC DIF consortium

Clifford Chance is advising Multiply Group on the landmark sale of its UAE-based district cooling business, PAL Cooling Holding and its subsidiaries, to a consortium comprising National Central Cooling (Tabreed) and CVC DIF, for approximately AED 3.8 billion. The transaction followed a highly competitive auction process that attracted significant interest from both regional and global strategic and financial investors. It marks one of the most significant deals in the UAE infrastructure sector and reflects the surging demand for high-quality assets in the region. This landmark transaction was executed in record time and is expected to close later this year, subject to regulatory approvals.

Established in 2006, PAL Cooling Holding is a recognised leader in the UAE’s district cooling industry. The company currently operates five state-of-the-art plants in Abu Dhabi, with four additional plants under development. The company is well positioned to meet the growing demand for sustainable cooling solutions, driven by population growth, rapid real estate development, and the UAE’s ambitious decarbonisation agenda.

Clifford Chance provided end-to-end legal support to Multiply Group, advising on all aspects of the sale, including corporate M&A, real estate, financing, tax and regulatory matters. The Clifford Chance team was led by corporate partners Mohammed Al-Shukairy and Lynn Ammar, supported by a core team of associates including Ahmed Shafiek, Sami Rahim, and Mehran Azzam.

Additional expertise was provided by: Chirag Sanghrajka (Partner), Charles Anderson (Senior Associate), Gabriel Miranda (Senior Associate) and Serena Chang (Associate) on projects; Tariq Imam (Partner) and Sher Khan (Senior Associate) on real estate; David Saleh (Partner), Vadim Romanoff (Director) and Nick Humphries (Associate) on tax; and Sabra Ferhat (Counsel) on antitrust matters.

Lynn Ammar, the lead Partner at Clifford Chance, commented:

“We are proud to have supported Multiply Group on this strategic and complex transaction. PAL Cooling Holding is a true success story. Its sale to the Tabreed and CVC DIF consortium not only underscores the exceptional value and growth potential of sustainable infrastructure assets in the UAE, but also reinforces the country’s position as a global investment destination. This deal is a testament to the strength and resilience of the UAE’s infrastructure sector and the continued confidence of international investors in its future.”