Abu Dhabi’s holding company ADQ has withdrawn its offer to merge Abu Dhabi National Exhibitions Company, or Adnec, with Abu Dhabi National Hotels.
ADQ will no longer pursue the proposed transaction, Abu Dhabi National Hotels said in a brief statement to the Abu Dhabi Securities Exchange, where its shares are traded. It did not specify why the offer was withdrawn by ADQ.
ADQ submitted an offer to Abu Dhabi National Hotels on June 9 to merge Adnec with the hotel company to create one of the largest hospitality, events and catering companies in the region.
The combined group would have had an asset base of about Dh20 billion ($5.45bn), comprising 28 owned and operated hotels with a total of 6,700 rooms, three large exhibition centres in Abu Dhabi, Al Ain and London, as well as several catering companies and food and beverage outlets.
Set up in 2018, ADQ has a portfolio of companies spanning key sectors of Abu Dhabi’s non-oil economy. The companies include Abu Dhabi Power Corporation, Abu Dhabi Airports, Abu Dhabi Ports, Etihad Rail, Seha, insurer Daman, media companies Abu Dhabi Media and twofour54 and Abu Dhabi National Exhibitions Company.
Abu Dhabi National Hotels owns a number of hotels in Dubai and Abu Dhabi, including the Ritz Carlton Abu Dhabi Grand Canal, Sofitel Jumeirah Beach, Le Meridian Abu Dhabi and Address Dubai Mall. It also manages Al Diar hotel chain.
Adnec, which owns and operates the Abu Dhabi National Exhibition Centre, the largest exhibition venue in the Mena region, has an expansive presence.
The company’s portfolio includes the 40-hectare ExCeL London exhibition and convention centre in the UK capital's Docklands area, Al Ain Convention Centre, Aloft London ExCeL, Aloft Abu Dhabi, Andaz Capital Gate Abu Dhabi and Anantara Sir Bani Yas Island Abu Dhabi Resort.
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