LONDON, UK: The boards of Theta Bidco Limited and Arena Events Group have reached agreement on the terms and conditions of a recommended cash offer by Bidco for the entire issued and to be issued share capital of Arena Events, other than the Arena Shares owned by Tasheel.

As at 19 October 2021, Tasheel owned or controlled 77.979 million Arena shares, representing approximately 23.9 per cent of Arena Events‘ issued share capital.

The acquisition values the entire issued ordinary share capital of Arena at approximately £71 million on a fully diluted basis and implies an enterprise value of £95.1 million.

IHC and Tasheel are Joint Offerors with respect to the Acquisition. Bidco is a private limited company incorporated in England and Wales on 14 October 2021. Bidco was formed for the purposes of the acquisition. As at the Effective Date, it is intended that Bidco will be directly or indirectly owned in the following proportions: (i) IHC Industrial Holding will own 70 per cent of Bidco; and (ii) Tasheel will own 30 per cent of Bidco.

IHC is a wholly-owned subsidiary of International Holding Company PJSC, an Abu Dhabi-based publicly-listed holding company comprising in excess of 180 entities, with international operating segments and acquisitions in nine primary business areas: real estate, healthcare, food & beverage and distribution, utilities, industries, IT and communications, retail & leisure, and capital. It was founded in 1998 as part of an initiative to diversify and grow non-oil business sectors in the United Arab Emirates and is one of the fastest growing holding companies in the region.

By market capitalization, it is one of largest companies on the Abu Dhabi Securities Exchange. Unlike many other holding companies, IHC is a proactive investor, and it seeks to empower management, establish group governance controls, and provide financial and ecosystem support, to achieve operational excellence, growth and return on investment.

Tasheel is a Saudi Arabian-based holding company, founded in 2005. Its subsidiaries provide outsourcing services to government ministries and departments and to large enterprises and private companies. It has a team of over 1,000 employees providing services in many countries and multiple verticals.

Tasheel’s investment philosophy is based on disciplined value investment seeking long-term capital appreciation. It seeks to identify and invest in innovative businesses that are unique and attractively valued with solid cash-flow profiles and asset values, and strong growth potential where Tasheel can establish a close working relationship with management to align interests for superior performance.

Arena is a turnkey event solutions provider, supplying temporary physical structures, seating, exhibition services, refrigeration, barriers & fencing, ice rinks, furniture, and interiors servicing some of the most prestigious sporting, outdoor and leisure events across the UK & Europe, Middle East & Asia, and the Americas. Arena is headquartered in the UK and was admitted to trading on AIM in July 2017.