Abu Dhabi – Mubasher: The board of Abu Dhabi National Energy Company (TAQA) has agreed on the acquisition of the majority of water and electricity assets of Abu Dhabi Power Corporation (ADPower).
During a meeting held on Monday, 6 April, the board has approved the issuance of mandatory convertible bonds to ADPower for the transaction as well as the exchange ratio of the convertible bonds, according to the company's disclosure to the Abu Dhabi Securities Exchange (ADX) on Tuesday.
It is noteworthy to mention that in early February, TAQA has received an offer from ADPower to acquire the majority of assets of ADPower’s water and electricity generation, transmission, and distribution companies, which would create a new regional leading water and electricity company.
