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Abu Dhabi-based conglomerate International Holding Company (IHC) has completed its acquisition of a majority stake in Arena Events Group PLC for 239.8 million dirhams ($65 million).
Arena, an event and entertainment services business, was previously listed on the AIM market of the London Stock Exchange, IHC said in a statement.
Syed Basar Shueb, CEO and Managing Director of IHC, said there is an opportunity for rapid growth in the sector as the events industry opens up.
“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.”
Last year, IHC said it was looking to boost its portfolio through mergers, acquisitions and strategic investments in a number of sectors, including property, agriculture, health care, food and beverages, utilities and manufacturing.
(Writing by Brinda Darasha; editing by Cleofe Maceda)
