Featured image credit: Modon Holding
Modon Holding, an Abu Dhabi-based holding company, has agreed a deal for the acquisition of Theta Bidco Limited, the 100% owner of Arena Events Group.
Modon struck the deal with International Holding Company (IHC) and Saudi Arabia-based TasHeel, which have been running Arena for the past three years.
IHC is an Abu Dhabi-based multi-sector conglomerate. The company acquired a 70% stake in Arena in February 2022 for a total consideration of AED 239.8m (£52.6m/€63.2m/$65.3m), with TasHeel holding the remaining 30%.
Modon will now be the 100% owner of Arena, which specialises in large-scale temporary infrastructure and integrated event solutions. The acquisition of Arena is designed to strengthen Modon’s presence in the global events industry.
Arena has provided services for a range of sporting events, including the 2024 Olympic Games in Paris, the Wimbledon tennis grand slam, golf’s Ryder Cup, cricket’s T20 World Cup, and Formula 1 races in Abu Dhabi, Jeddah, Las Vegas, Miami and Austin.
The transaction is anticipated to close by the end of the first quarter and is subject to regulatory approvals and other customary closing conditions.
Bill O’Regan, group chief executive at Modon Holding, said: “We are very excited to welcome the Arena group to the Modon family. Arena brings deep-rooted industry experience, long-term global relationships and an array of innovative offerings to add a new dimension to our existing extensive event services. This 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.”
Syed Basar Shueb, IHC chief executive, added: “The acquisition of Arena Group by Modon reflects our commitment to creating a well-integrated and streamlined portfolio, expanding on our strategy of building dynamic value networks. Arena Group has flourished under IHC’s ownership over the last three years, and this move allows Modon to fully leverage its synergies with their expanding footprint in temporary infrastructure, venues and event structures that deliver exceptional value and impact across local and international markets.”
Last month, Arena announced the acquisition of Maestra, a build specialist for premium events, exhibitions, and environments with operations in the UAE and Saudi Arabia.
Founded in 2014, Maestra has established itself as a premium fabrication partner, with 150 full-time employees and 80,000 square feet of workshop space across the UAE and Saudi Arabia.
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