Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) has completed its merger deal with Abu Dhabi Power Corporation (ADPower), establishing one of the largest utility companies in the Europe, Middle East, and Africa (EMEA) region.
Under the transaction, most of ADPower's power and water generation, transmission, and distribution assets will be transferred to TAQA in exchange for 106.37 billion new shares, according to a press release on Wednesday.
ADPower proposed this deal to the board of TAQA in February 2020 and received the approval from TAQA's shareholders in April 2020.
Under the merger deal, TAQA will own all of Abu Dhabi’s power and water transmission and distribution companies, along with its existing international assets in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the UK, and the US.
With the transfer of ADPower's assets, TAQA becomes the UAE's third largest publicly traded company by market cap value and one of EMEA's top 10 integrated utility companies by regulated assets.
Meanwhile, ADPower will possess 98.60% of TAQA's entire issued share capital.
Jasim Husain Thabet was appointed as the CEO and managing director of TAQA, and Saeed Hamad Al Dhaheri occupied the position of deputy CEO.
Commenting on the transaction, Thabet said: "We benefit from a strong capital structure, a robust business model and exclusivity rights to participate in all generation and water desalination projects tendered in Abu Dhabi over the next decade with a minimum 40% equity share."
