Abu Dhabi-based conglomerate International Holding Company (IHC) has acquired 70 per cent in Arena Events Group PLC for AED 239.8 million dirhams ($65 million), Zawya reports.
Syed Basar Shueb, CEO and Managing Director of IHC commenting on the transaction, indicated that there is an opportunity for rapid growth in the sector as the events industry opens up.
“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 South Korea.”
IHC has been mulling plans to boost its portfolio through mergers, acquisitions and strategic investments in a number of sectors, including property, agriculture, health care, food and beverages, utilities and manufacturing.
Abu Dhabi-headquartered IHC acquires controlling stakes in Arena Events Group for $65m
