Abu Dhabi’s Taqa, owned 74.1% by state utility Adpower and 25.9% by private shareholders, announced on 29 April that shareholders had voted at its annual general assembly to approve a proposed Adpower deal to transfer most of its electricity and water assets to Taqa in return for shares to boost its stake in Taqa to 98.6%. Taqa says the transaction is expected to close in Q3 and values the company at AD4.156bn ($1.13bn). Taqa says the post-deal company will be “well-positioned to pay consistent dividends” to shareholders and will consider a follow-on public offering on the Abu Dhabi Stock Exchange “to further diversify its shareholder base, allowing more investors to take advantage of the company’s potential for growth and expansion.”
The transaction, announced in February, will create a company with 23GW of gross powergen capacity and 3.99mn m3/d of desalination capacity. The deal will put Taqa power and water under Adpower control as well as Taqa’s oil and gas portfolio, which comprises mainly mature assets in Canada and the North Sea plus Atrush field in Iraqi Kurdistan (MEES, 7 February). (CONTINUED - 180 WORDS)