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Presight snaps USD 350 mn stake in AIQ: ADX-listed data analytics firm Presight AI completed its acquisition of a 51% stake in AIQ, Adnoc’s AI joint venture with G42, in a USD 350 mn transaction, an ADX filing (pdf) reads. The payment is structured in two tranches: USD 245 mn, which it has already paid, and USD 105 mn due by 30 November. Presight had said previously that the transaction values AIQ at USD 1.4 bn.
Background: Presight received board approval for the acquisition in late May. The company is indirectly acquiring the entity through the acquisition of the entirety of G42’s shares in P Ventures.
REFRESHER- Presight revealed its plans to acquire a majority stake in AIQ, saying it would be acquiring the entirety of G42’s 40% stake in AIQ, in addition to 11% of Adnoc’s 60% stake in the JV. The acquisition aims to help advance Adnocs’ plans to become the “energy industry’s leading AI company,” Industry Minister and Adnoc CEO Sultan Ahmed Al Jaber, who will assume the role of chairman at AIQ, said.
IN OTHER M&A NEWS-
Ras Al Khaimah White Cement backs Ultratech’s offer: Ras Al Khaimah Co for White Cement’s board of directors is recommending Ultratech’s bid to acquire a 31.6% stake in the company to the company’s shareholders, according to an ADX filing (pdf). The Indian cement manufacturer offered to purchase around 158 mn shares at AED 1.15 per share through its UAE-based subsidiary, UltraTech Cement Middle East Investments.
Refresher: UltraTech intends to expand the cement manufacturer’s operations locally and globally, and to introduce new products to Rak Cement’s production portfolio, such as wall care putty. UltraTech acquired a 29.39% stake in Rak Cement for USD 101 mn in 2022.
Adnoc has fully redeemed its USD-denominated senior unsecured bonds in Adnoc Distribution, paying bondholders USD 1.2 bn on 4 June, a press release reads. The payment means that Adnoc now retains around 77% of Adnoc Distribution’s shares.
Background: Adnoc had said it plans to settle its May 2021 exchangeable bonds with a USD 1.19 bn principal and USD 4.18 mn in coupons in April, ahead of their expiry in May.
