Abu Dhabi – Mubasher: International Holding Company (IHC) has completed its acquisition of a 70% stake in the Arena Events Group in exchange for AED 239.8 million ($65 million).
Under the transaction, IHC will join TasHeel Holding Group, Arena’s existing largest shareholder, to promote the Group's growth, according to a recent press release.
Paul Berger, the current Arena EMEA CEO, will become the Global CEO of Arena, previously listed on the AIM market of the London Stock Exchange.
The CEO and Managing Director of IHC, Syed Basar Shueb, said: "We have already seen this bear fruit with Arena’s exciting new projects, including the Commonwealth Games in Birmingham, the two newest Formula 1 Grands Prix in Miami and Jeddah, and golf events like the CJ Cup in Korea."
Meanwhile, Berger commented: "I see this as a period of tremendous opportunity for Arena and I believe that we will now have the support that we need to continue to grow and develop our world-leading offering in each of our global regions."
