Abu Dhabi’s L’IMAD Holding, an investment vehicle linked to the emirate’s crown prince, just spent roughly $5.87 billion to swallow up nearly all of TAQA, Abu Dhabi’s national energy company. The transaction pushed L’IMAD’s ownership stake to 98.12%, setting the stage for full privatization of one of the Middle East’s most significant utility operators.
Inside the acquisition
L’IMAD’s subsidiary, Abu Dhabi Power Corporation (AD Power), acquired approximately 9.1 billion shares of TAQA on June 10 in a transaction valued at around AED 21.56 billion. That’s roughly $5.87 billion at current exchange rates.
Six days later, on June 16, L’IMAD launched a mandatory buyout offer for the remaining minority shareholders. The offer price sits at AED 2.70 per share.
TAQA, formally known as Abu Dhabi National Energy Company PJSC, operates across power generation, water desalination, oil and gas production, and the transmission and distribution infrastructure that keeps Abu Dhabi’s lights on.
