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Saturday, May 18, 2024

Abu Dhabi’s Multiply Group invests $100m in EIG’s Breakwater Energy


Abu Dhabi-based investment holding company Multiply Group is buying a minority stake in Breakwater Energy for 367 million dirhams ($100 million), as it looks to invest in high-dividend-yielding companies.

With the acquisition, Multiply Group will become part owner of a “highly profitable, cash-generating, diversified global upstream portfolio with Significant gas weighting and reserve life, providing an attractive dividend profile.”

Breakwater Energy, a subsidiary of EIG, an institutional investor in the global energy and infrastructure sector with $23.5 billion under management, has acquired a 25% stake in Repsol Upstream for a total consideration of approximately $4.8 billion, with Repsol holding the remainder 75% of the shares.

Repsol and EIG plan to list the business in the US from 2026, Multiply said.

Samia Bouazza, Group CEO and Managing Director, said: “Multiply Group is well-positioned to continue exploring high-value acquisition opportunities, and we are particularly excited about this transaction as Repsol plans to use this investment to drive low-carbon energy projects. interest.”

Multiply Group invests in four verticals: Mobility, Energy & Utilities, Media & Communications, and Beauty & Wellness. Last year it invested in the $6.1 billion IPO of Dubai utility DEWA and the $2 billion IPO of specialty chemicals company Borouge.

(Writing by Brinda Dalasha; Editing by Daniel Lewis)



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