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TAQA Announces Receipt Of Offer From ADPower
(3 February 2020)


Abu Dhabi National Energy Company PJSC (‘TAQA’), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, announced today that its Board of Directors has received an offer from Abu Dhabi Power Corporation PJSC (‘ADPower’), a Public Joint Stock Company that owns most of the water and electricity assets across the Emirate of Abu Dhabi.

The key terms of the offer are that ADPower would transfer certain assets to TAQA in exchange for 106,367,950,000 shares in TAQA and the termination of the land lease agreement between ADPower and TAQA. This implies an exchange ratio of 17.53423833 new ordinary shares in TAQA issued for every existing share. When applied to ADPower’s valuation of the contributed assets, the offer implies an equity value of TAQA of AED 4,156 million. Post completion, ADPower would own 98.60% of the entire issued share capital of TAQA.

According to the offer received from ADPower, this would include most of ADPower’s water and electricity generation, transmission and distribution assets. The offer is subject to various approvals, including by the Abu Dhabi Department of Energy (DoE), the Securities and Commodities Authority (SCA) and TAQA shareholders.

The Board of TAQA will consider the transaction proposed by ADPower before making any recommendation to the shareholders.

Should an agreement be reached between the two parties, it is envisaged that the terms of the proposed transaction will be finalized during H1 2020. A TAQA general assembly meeting would consider approving the transaction during H2 2020, with closing shortly thereafter. At this time, there is no certainty that any transaction will result.

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