Modon Holding Expands Global Events Portfolio With Acquisition Of Arena Events Group

Modon Holding P.S.C has announced a definitive agreement with IHC and TasHeel Holding to acquire Theta Bidco Limited. This company fully owns Arena Events Group Limited, a global leader in temporary infrastructure and event solutions. This acquisition enhances Modon's presence in the events industry, expanding its capabilities across more than 10 countries, including the US, UK, and Saudi Arabia.

Arena Events Group has played a crucial role in various major sporting events. These include providing services for the 2024 Paris Olympics, Formula 1 races in Abu Dhabi, Jeddah, Vegas, Miami, and Austin. They also supported Wimbledon and the annual Cinch Championships at Queen’s Club in London and set up a modular cricket stadium for the T20 World Cup in New York.

The acquisition marks Modon's significant entry into North America, Arena's largest revenue-generating region. This region employs nearly half of Arena's over 1,000 global workforce. With an expected increase in live event attendance worldwide, Modon and Arena are well-positioned to strengthen their market presence by offering high-quality viewing experiences and hospitality services.

Jassem Mohammed Bu Ataba Al Zaabi, Chairman of Modon Holding, expressed his views on this development: "The addition of Arena to the Modon portfolio is a key achievement in our journey to expand our international footprint, build diversification and develop the breadth of our services in the global events industry. Arena’s experience as a leading services provider for flagship events across North America, Europe and Asia will be invaluable as we continue to enhance Modon’s international platform to enable and accelerate growth and create long term value for our shareholders."

Syed Basar Shueb, CEO of IHC, highlighted the strategic alignment: "The acquisition of Arena Group by Modon reflects our commitment to creating a well-integrated and streamlined portfolio, expanding on our strategy of building dynamic value networks. Arena Group has flourished under IHC’s ownership over the last three years, and this move allows Modon to fully leverage its synergies with its expanding footprint in temporary infrastructure, venues and event structures that deliver exceptional value and impact across local and international markets."

The transaction is expected to conclude by Q1 2025 after receiving regulatory approvals and fulfilling customary closing conditions. This acquisition aligns with Modon's long-term growth strategy within the events sector.

With inputs from WAM