Abu Dhabi’s Multiply Buys Two Firms Creating $33 Billion Entity

Multiply Group PJSC has agreed to acquire two other Abu Dhabi firms backed by the emirate’s largest listed company, in a share-swap transaction that it said will create an entity holding assets of about $33 billion.

Multiply will issue about 23.36 billion new shares to acquire 2PointZero and Ghitha Holding PJSC, it said Wednesday. Based on Multiply’s current share price, that’s worth around 72.4 billion dirhams ($19.7 billion).