Abu Dhabi-based International Holding Company (IHC) has announced a AED359 million ($98 million) recommended cash offer to acquire London Stock Exchange-listed Arena Events Group.
Arena Events Group is a turnkey event solutions provider, supplying temporary physical structures, seating, exhibition services, refrigeration, fencing and barriers, ice rinks, furniture and interiors for some of the most prestigious events across Europe, Middle East & Asia and the Americas.
Peter Abraam, chief strategy and growth officer of IHC, said: “As we start to move out of a very tough period for the events industry, we are excited by the prospect of new opportunities.
“Arena’s robust geographical presence and pivotal office locations remain the foundation to further grow its international footprint. Our aim is that IHC’s global business channels and presence will strengthen Arena’s ability to enter new markets and diversify its offerings, reflecting positively on the company’s future growth.”
The Theta consortium, which has made the offer, is made up of IHC and Saudi Arabian-based holding company Tasheel. They will own 70 percent and 30 percent respectively of the temporary seating specialist.
“The new owners will help Arena grow through additional funding which guarantees the future of the business as a leader in the event rental market. In this regard, both IHC and Tasheel are perfect partners for Arena as they provide enormous security and backing for the business going forward,” said Arena’s chairman Ken Hanna.
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