Multiply Group, the Abu Dhabi holding company with investments ranging from Getty Images to Rihanna’s lingerie firm, is in talks to buy a stake in Turkish waste management firm Biotrend, according to people with knowledge of the matter.
(Bloomberg) — Multiply Group, the Abu Dhabi holding company with investments ranging from Getty Images to Rihanna’s lingerie firm, is in talks to buy a stake in Turkish waste management firm Biotrend, according to people with knowledge of the matter.
Discussions between Multiply and Biotrend Cevre ve Enerji Yatirimlari AS are at an advanced stage, although details of the potential deal such as its size and value are still being finalized, the people said, asking not to be identified because the talks are private.
Biotrend shares jumped as much as 10% in Istanbul and were trading up 9.4% at 21.40 liras as of 13:06 p.m.
Multiply is the latest UAE-based firm showing interest in Turkey’s energy sector after President Recep Tayyip Erdogan toured the Gulf region in July to shore up investments in his $1 trillion economy. UAE clean energy producer Masdar is in talks to buy a stake in Turkey’s Fiba Yenilenebilir Enerji, Bloomberg reported last month. In total, the UAE has committed to providing $51 billion of support, of which about $30 billion will be for the energy sector.
A representative for Biotrend declined to comment. A representative for Multiply said the firm is “constantly assessing opportunities in various industries and geographies” and that it will inform the market if any talks reach an “advanced stage.”
Biotrend focuses on solid waste management, electricity generation and carbon trading across 19 facilities in Turkey. It started trading on the Borsa Istanbul in 2021 and had a market value of about $360 million based on Monday’s closing price.
European Bank for Reconstruction and Development holds a 5.9% stake in Biotrend. Doganlar Yatirim Holding, which also has interests in furniture, construction and retail, has a 55% holding.
Multiply’s parent, International Holding Co., is led by Sheikh Tahnoon Bin Zayed Al Nahyan — the UAE’s national security adviser and brother to Abu Dhabi’s ruler. It also invests in mobility, media and communications and wellness, according to its website.
–With assistance from Farah Elbahrawy.
(Updates with share move and Multiply comment in fifth paragraph.)
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