Modon enters N American events market with strategic Arena buy
ABU DHABI, 1 days ago
Abu Dhabi-based Modon Holding has announced that it has entered into a definitive agreement with IHC and TasHeel Holding for the acquisition of Theta Bidco Limited, the owner of Arena Events Group Limited (Arena), a global leader in large scale temporary infrastructure and integrated event solutions.
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.
According to Modon, the acquisition of Arena is another significant step in the execution of its 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.
This acquisition 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 KSA, said a top official.
"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," remarked Jassem Mohammed Bu Ataba Al Zaabi, the Chairman of Modon Holding.
"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," he stated.
The transaction is anticipated to close by Q1 2025, he added.
IHC Chief Executive Officer Syed Basar Shueb said: "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," he added.-TradeArabia News Service
