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ADX-listed driving institute and Multiply subsidiary Emirates Driving acquired a 51% stake in Excellence Premier Investment, the owner of Excellence Driving Center, according to an ADX disclosure (pdf). The company acquired the stake for AED 153 mn, Zawya reported.
The move comes as part of Emirates Driving’s plans to expand locally and in the GCC and improve its services, the statement said.
About Excellence Premier: The parent company of Excellence Driving Center — established in 2020 — also operates delivery, limousine, and auto workshop services, after setting up the center in 20 locations across Dubai.
OTHER M&A NEWS-
Adia purchases shares in India’s Vedanta: The Abu Dhabi Investment Authority (Adia) was among several institutional investors that bought shares in Mumbai-based mining conglomerate Vedanta during its qualified institutions placement round, which offered up 193.1 mn shares at a 4.61% discounted issue price of INR 440 (AED 5.26) per share, the Economic Times reports, citing a bourse filing. The round raised over USD 1 bn, with Goldman Sachs AMC, Morgan Stanley, Nippon Mutual Fund, SBI Mutual Fund, UTI Mutual Fund, ICICI Mutual Fund, Aditya Birla Mutual Fund, and Mirae Mutual Fund also participating.
The breakdown: Some 9.11% of the total issue size was allocated to funds run by Nippon Mutual Fund, while Morgan Stanley received 8.6% and SBI Mutual Fund received 7.9%. Vedanta plans to use the proceeds to de-leverage its balance sheet and edge the company towards its USD 10 bn EBITDA target.
