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The acquisition marks IHC’s entry into the global event and semi-permanent structures industry and will provide a significant international boost to IHC’s multi-sector and diversified portfolio. — File photo
International Holding Company, the Abu Dhabi-headquartered multi-sector conglomerate, has completed its acquisition of a majority stake in Arena Events Group, a world-leading event structures and entertainment services business, previously listed on the AIM market of the London Stock Exchange.
The acquisition of a 70 per cent stake in Arena for a total consideration of Dh239.8 million (approximately $65 million) marks IHC’s entry into the global event and semi-permanent structures industry and will provide a significant international boost to IHC’s multi-sector and diversified portfolio.
Arena is one of the world’s largest event and hospitality structure companies, with a highly regarded global reputation. It 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 to enrich the Company’s highly regarded industry reputation, heritage and talented pool of employees.
Paul Berger, the current Arena EMEA CEO, will transition to become Arena’s Global CEO.
“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,” Syed Basar Shueb, CEO and managing director of IHC, said.
“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,” he said.
Paul Berger said 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,” he said.
“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,” Paul Berger said.
Newly-appointed chairman of the Arena Events Group, Peter Abraam, said Arena’s established expertise, 15 global offices, 260-year heritage and 1,000+ employees across multiple regions remain at the core of enhancing and growing our international footprint and offering.
“With the largest stock of clear span structure in America, and the second largest inventory of grandstand seating globally, Arena’s ambitions are limitless,” he said.
He said 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.
“With IHC’s expansive business channels, reach and presence, we believe we are now exceptionally placed to catapult Arena’s growth trajectory. We look forward to working closely with Paul and his senior team, who have all been an integral part of the journey so far, as Arena embarks on its next phase of growth alongside IHC,” Peter Abraam said.
from: www.khaleejtimes.com www.khaleejtimes.com
published 2022-02-23 22:40:05