ADQ, an Abu Dhabi-based investment and holding company, has entered into an agreement with Plenary Group (Plenary), a leading independent investor, developer, and manager of public-private infrastructure projects headquartered in Australia, to acquire a 49 percent stake in Plenary.
The primary capital contribution by ADQ will be used to accelerate Plenary’s growth ambitions across its key markets in Australia, the Middle East, Asia, the UK, and Europe. The acquisition includes all shares currently owned by Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ).
CDPQ will continue to be invested and involved in a range of Plenary’s Australian assets and to support new projects. It also remains the majority shareholder of Plenary Americas.
Hamad Al Hammadi Deputy Group CEO ADQ
“This collaboration, marking our inaugural venture in Australia, underscores ADQ’s commitment to developing partnerships that complement our investment strategy, which aims to create long-term value and generate sustainable financial returns. We are confident that our partnership in Plenary will unlock significant opportunities to contribute to the development of state-of-the-art infrastructure assets, boosting economic growth and social welfare in the target geographies. ADQ’s existing portfolio of infrastructure assets, many of which are emerging as national champions, will serve as a catalyst to leverage the significant potential of public-private partnership projects together with Plenary, a leader in its field with a proven track record of delivering successful infrastructure projects globally.”
As part of the partnership, Plenary and ADQ will also establish a co-investment platform that will focus on public and social infrastructure opportunities in high-growth geographies including the GCC region, the Middle East, and Central Asia. The partnership will allow ADQ to further bolster its track record in investing in infrastructure assets to accelerate economic development in the UAE and abroad.
John O’Rourke, Chairman and Founder of Plenary Group, said that, “ADQ’s investment in Plenary will help accelerate our growth in Australia and internationally while the co-investment platform will allow us to scale our activities in the Middle East. ADQ has a leading position in the Middle East region and increasingly on a global scale, with an impressive portfolio of infrastructure assets.”
“Critical to our partnership, it is committed to supporting the further development and operation of public infrastructure in partnership with Plenary. We are confident that our culture and experience, combined with ADQ’s capability and investment acumen, will allow us to seize new opportunities and establish ourselves as a leader in our growth markets,” John further added.
