Modon Holding has announced plans to acquire a global events company.
Modon, an investment company that is backed by state-owned Abu Dhabi Developmental Holding Company (ADQ), announced on Monday that it plans to complete the acquisition of Theta Bidco, a limited company registered in London that owns 100 percent of Arena Events Group (AEG).
The deal would result in Abu Dhabi’s International Holding Group and Jeddah-based Tasheel Holding divesting their respective 70 percent and 30 percent stakes in Theta Bidco.
AEG operates across Europe, Asia and North America. It has completed construction work at large events including the Paris Olympics and the 2024 Saudi Arabian Grand Prix and has signed a contract with Fifa to work on the 2026 World Cup, which is being held in the US, Mexico and Canada.
It also facilitates smaller scale exhibitions and conferences. In the last financial year AEG reported after-tax profits of £6.6 million ($8.2 million).
In a press release on Monday, Jassem Mohammed Bu Ataba Al Zaabi, chairman of Modon Holding, called the acquisition “a key achievement in our journey to expand our international footprint, build diversification and develop the breadth of our services in the global events industry”.
No details have yet been announced regarding the size of the acquisition. Modon has said it hopes to complete the deal before the end of the first quarter of 2025.
Modon reported assets of AED69 billion (almost $19 billion) at the end of June, more than three times the AED21 billion it claimed the previous year.
It has since made a number of international acquisitions. On December 19 Modon announced it would be acquiring La Zagaleta, a gated residential development 20 minutes from the city of Marbella on the Costa del Sol in Spain.
And on January 28 it revealed plans to develop a dual high-rise tower complex in the City of London. The project is expected to be completed by 2027.
Bill O’Regan, Modon’s CEO, said of the AEG deal that the “acquisition aligns with our continuing strategy for growth in new markets and geographies and allows us to expand on our existing ability to provide premium level services for our clients”.
Modon’s share price has risen almost 11 percent on the Abu Dhabi Securities Exchange in the last 52 weeks.
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