By Hadeel Al Sayegh and Federico Maccioni DUBAI, April 18 (Reuters) – KKR and I Squared Capital are among global asset managers bidding for a district cooling business owned by Abu Dhabi’s Multiply Group, part of a $1.5 trillion empire overseen by one of the UAE’s most powerful Sheikhs, three sources said. District cooling plants, which deliver chilled water via insulated pipes to cool offices, industrial and residential buildings, have been developed as a more economical and environmentally friendly alternative to air conditioning. The Middle East’s biggest alternative investment manager, Investcorp, is among the potential suitors for PAL Cooling Holding (PCH), the three people with knowledge of the matter told Reuters, declining to be named as the details are not public. The asset managers join a race that includes CVC which is working with Engie-backed National Central Cooling Co, also known as Tabreed, in a deal that could be worth around $1 billion, said the people. Abu Dhabi energy and utilities firm TAQA is also eyeing the deal, which is approaching its second round with potential buyers expected to put forward binding bids next month, they said. KKR, Investcorp and Taqa declined to comment, while Multiply, I Squared Capital, CVC and Tabreed were not immediately available for comment. Reuters reported last month that Tabreed was working with Citi on a potential bid. The interest in PCH underscores how buyout groups are now looking at local investment opportunities in the Gulf as governments in the region implement ambitious programmes to diversify their economies from oil. Before, equity firms would raise money there to invest elsewhere. Last week, KKR became the latest asset manager to announce plans to build a team in the region to go after Gulf deals. Multiply is controlled by IHC, whose chairman is Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser and brother of the country’s president who controls a sprawling business empire including two sovereign wealth funds. Private equity funds worldwide secured around $680 billion in 2024, a 30% decrease from about $966 billion raised in 2023, S&P Global Market Intelligence data said in January. (Reporting by Hadeel Al Sayegh and Federico Maccioni; Editing by Emelia Sithole-Matarise) in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. Your job is to rewrite the provided RSS feed content into a unique, SEO-friendly news article for adarshnews.com. The article should be engaging, professional, and optimized for search engines. Follow these steps: 1. **Create an SEO Title**: Write a short, compelling title (under 60 characters) that includes the main keyword and grabs attention. 2. **Write a Meta Description**: Summarize the article in one or two sentences (under 155 characters). Make it engaging and include the primary keyword naturally. 3. **Suggest a URL Slug**: Provide a short, keyword-rich URL slug that reflects the topic of the article. 4. **Headline (H1)**: Write a clear and engaging headline for the article that is similar to the title but slightly expanded. 5. **Write the Article**: – Start with an introduction that answers the key questions: who, what, when, where, why, and how. – Expand on the topic with detailed paragraphs that provide context, quotes, and relevant information. – Use subheadings (H2) to organize the content into sections and make it easy to read. – Include related keywords naturally throughout the article. – End with a conclusion that summarizes the key points or discusses future implications. 6. **Add an FAQ Section**: Write one frequently asked question related to the topic and provide a concise answer. Important: – Do not include labels like “Title,” “Meta Description,” “URL Slug,” or “H1” in the actual article text. – Keep all SEO elements separate from the main content. – Ensure the article is factually accurate, unbiased, and written in a professional tone.
According to sources, KKR is competing with other asset management firms to acquire the district cooling sector in Abu Dhabi.
