UAE’s Aabar targets Arabtec

The UAE's Aabar Investments of Abu Dhabi is to make an offer to acquire 70% of Dubai's Arabtec Holdings.

According to a statement from the company, the Board of Aabar intends to make the acquisition by way of a mandatory convertible bond to be issued by Aarabtec Holdings to Aabar Investments at a conversion price of UAED 2.3 per share.

The Arabtec Holdings group, formerly known as the Arab Technical Construction Company, comprises Arabtec Construction, the Austrian Arabian Ready Mix Concrete Co and Arabtec Pre-cast. Arabtec also has a 33% interest in the House of Equipment Co in the UAE, which sells, manages, rents and services construction equipment.