White & Case advises consortium of CVC DIF and Tabreed on the proposed acquisition of PAL Cooling from Multiply Group

Global law firm White & Case LLP has advised a consortium of CVC DIF, the infrastructure arm of a leading global private markets manager CVC, and Tabreed, the world’s leading district cooling company, on the proposed acquisition of PAL Cooling from Multiply Group. The transaction, which is valued at approximately US$1 billion, remains subject to regulatory and other approvals.

PAL Cooling was founded in 2006 and is a prominent player in the UAE district cooling market, catering to landmark residential, commercial and mixed-use developments. The company has contractual relationships with leading master developers, including Aldar Properties and Modon and has eight long-term district cooling concessions in Abu Dhabi. The concessions are serviced by five existing, sustainable district cooling plants and associated networks in Abu Dhabi. An additional plant is currently under construction and three more are in the planning phase. Together, they are expected to represent a capacity of 600,000 refrigeration tons (RT).

The partnership between CVC DIF and Tabreed to acquire PAL Cooling aligns with the strategic objectives to meet the UAE’s rising demand for sustainable cooling, driven by population growth and decarbonisation targets.

The White & Case team which advised on the transaction was led by partner Steven Worthington and local partner Aleks Stadnik, with support from associates Hugh Brünjes and Anna Bridgeman (all Abu Dhabi). Partners Antoine Cousin, Mark Andrews, Khawla Alatiyat (all Abu Dhabi), Louise Vun, Aimy Roshan (both Dubai), Elizaveta Bazarova, Will Smith (both London), Tamer Nagy (Washington DC), counsel Marika Harjula (Brussels) and associates Michael Kim (Abu Dhabi), Joar Linden (Brussels), Gabrielle Margerison and Natasha Marican (both Dubai), Azamat Gaysenov, Kavisa Thacker and Alec Buchanan (all London) provided invaluable support across the mandate.

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