UAE's TAQA board okays sale, purchase deal of ADPower assets | ZAWYA MENA Edition:
The board of the Abu Dhabi National Energy Company (TAQA) has approved the sale and purchase of an asset swap deal with the Abu Dhabi Power Corporation (ADPower).
The proposed transaction would create a new regional utilities champion that will accelerate the transformation of the water and electricity industry in the UAE.
The new entity would be one of the largest utility companies in the GCC and a top 10 integrated utilities player in the EMEA region by regulated assets, ADPower had said in a statement.
TAQA’s board has also approved the issuance of a mandatory convertible bond to ADPower for the planned deal, it said in a statement to the Abu Dhabi Securities Exchange.
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