Abu Dhabi-headquartered multi-sector conglomerate, International Holding Company (IHC), has acquired a 70 per cent stake in Arena Events Group for Dhs239.8m.
IHC acquired the majority stake in Arena, an event structures and entertainment services business, previously listed on the AIM market of the London Stock Exchange.
The transaction will see TasHeel Holding Group, Arena’s existing largest shareholder, partner with IHC to further Arena’s operations
Paul Berger, the current Arena EMEA CEO, will transition to become Arena’s global CEO.
Arena is one of the world’s largest event and hospitality structure companies. 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.
Its latest projects include the Commonwealth Games in Birmingham, the two newest Formula 1 Grand Prix races in Miami and Jeddah, and the CJ Cup golf event in Korea.
Newly appointed chairman of the Arena Events Group, Peter Abraam, added: “Arena’s established expertise, 15 global offices, 260-year heritage and 1,000-plus 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. 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.”
In 2021, IHC reported an all-time-high annual revenue of Dhs28.3bn, an increase of 303 per cent year-on-year. It also reported unaudited net profits of Dhs11.3bn for the period ending December 2021, and increase of an increase of 275 per cent from the Dhs3bn it reported the previous year. IHC’s total assets increased to Dhs87bn by the end oflast year, up 520 per cent from Dhs14bn in 2020.