ADC Acquisition, a SPAC backed by a prominent Abu Dhabi royal, agreed to acquire state investment fund ADQ’s United Printing & Publishing, in what would be the first such deal in the Gulf region.
The transaction gives UPP an enterprise value of 623 million dirhams ($169.63 million), according to an ADC statement, and it will merge with ADC for the combined entity to become a publicly-listed company on the Abu Dhabi Securities Exchange.
ADC was set up as a SPAC by ADQ, chaired by Sheikh Tahnoon bin Zayed Al Nahyan, brother of the UAE president, and Chimera Investments – part of Royal Group, Sheikh Tahnoon’s private investment conglomerate, in April last year, Reuters reports.
