Abu Dhabi-headquartered conglomerate International Holding Company has completed its acquisition of a 70 per cent stake in Arena Events Group, an event structures and entertainment services business, for Dh239.8 million.
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.
Paul Berger, the current Arena EMEA CEO, will transition to become Arena’s Global CEO, while Peter Abraam is the newly appointed chairman of the Arena Events Group.
Commenting on the acquisition, Syed Basar Shueb, CEO and Managing Director of IHC, said: “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.
“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.”
“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.
IHC was founded in 1998, the ADX-listed IHC comprises more than 30 entities.