Engie, a French energy company, has acquired a stake in Tabreed headquartered in the UAE and specializing in industrial air conditioning systems for €700 million, according to the company’s report.
The transaction is expected to be closed in the third quarter of 2017. The majority shareholder of Tabreed remains a UAE investment fund Mubadala, which owns 42% of the company.
Tabreed (National Central Cooling Company PJSC) provides system solutions for air conditioning of industrial premises. The company operates 71 factory in the territory of the Persian Gulf States. Among Tabreed clients, there is a five-star hotel in Mecca, Jebal Omar, Dubai metro, Sheikh Zayed Grand Mosque in Abu Dhabi.
