Abu Dhabi state-owned ADQ said on Wednesday it submitted an offer to Abu Dhabi National Hotels Company (ADNH) to combine Abu Dhabi National Exhibitions Company (ADNEC) with the hotel firm.
The combination would “create one of the largest hospitality, events, and catering powerhouses in the region,” the holding company said in a statement via email.
Upon completion, the combined group would have assets of around 20 billion UAE dirhams ($5.45 billion), it said.
ADNH would issue to ADQ a convertible instrument that would convert into 1.221 billion ordinary shares in the capital of ADNH at a price of 3.93 dirhams per share.
After the transaction is completed, ADQ will own roughly 54.98% of ADNH, it added.
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https://economictimes.indiatimes.com/news/international/uae/abu-dhabis-adq-offers-to-combine-exhibitions-company-with-adnh/