Modon Holding Fully Acquires Theta Bidco

Modon Holding, an Abu Dhabi-based real estate development holding company, has entered into a definitive agreement with International Holding Company (IHC) and TasHeel Holding to acquire Theta Bidco Limited, which is 100% owner of London-headquartered Arena Events Group Limited, a global leader in large scale temporary infrastructure and integrated event solutions.

The transaction, anticipated to close by end of next month, is subject to regulatory approvals and other customary closing conditions.

The acquisition of Arena further strengthens Modon’s profile in the global events industry and significantly broadens its existing capabilities in this sector and its presence in over 10 countries that Arena operates in, notably US, UK and Saudi Arabia.

Arena has been an integral component of a number of high profile and diverse sporting events, including services and infrastructure support provided to the 2024 Paris Olympics Games, Formula1 races in Abu Dhabi, Jeddah, Vegas, Miami and Austin, Wimbledon and the annual Cinch Championships at Queen’s Club in London as well as setting up a modular cricket stadium for the T20 World Cup in New York.

It has also been a long-standing partner of the Professional Golfers’ Association of America and LIV Golf, providing full-service solutions for championship tournaments annually across various geographies.

Arena has earned notable industry accolades throughout the years, recently securing two awards – AAA Supplier of the Year and Best Temporary Structure Provider – at the prestigious 2024 Event Production Awards in London.

The acquisition of Arena is another significant step in the execution of Modon’s long-term growth strategy in the events sector and represents its first significant entry into North America, which is the largest revenue generating region for Arena, housing almost half of its 1,000+ global workforce.

With the projected rise in global live event attendance over the foreseeable future, coupled with increasing focus from event organisers to invest in high-quality viewing experiences and hospitality offerings, Arena and Modon are ideally placed to enhance their respective market leading presence in the events sector globally.

Key Achievement

Modon Holding Chairman Jassem Mohammed Bu Ataba Al Zaabi said that the addition of Arena to the Modon portfolio is a key achievement in their journey to expand the company’s international footprint, build diversification and develop the breadth of services in the global events industry.

He also noted that Arena’s experience as a leading services provider for flagship events across North America, Europe and Asia will be invaluable as they continue to enhance Modon’s international platform to enable and accelerate growth and create long term value for their shareholders.

IHC CEO Syed Basar Shueb said that the acquisition reflected their commitment to creating a well-integrated and streamlined portfolio, expanding on their 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 their expanding footprint in temporary infrastructure, venues and event structures that deliver exceptional value and impact across local and international markets, he added.

Modon’s Other Acquisitions

Modon has acquired Spanish real estate company La Zagaleta and signed an agreement to become the master developer on the $35 billion Ras El Hekma megaproject in Egypt in October last year.

Its subsidiary, Adnec’s Excel London, also recently bought London’s BDCG Holdings, which owns the Business Design Center venue in north London and a 50% stake in London’s skyscraper project 2 Finsbury Avenue under a newly-formed 50-50 JV with Broadgate REIT last week.