Abu Dhabi’s ADQ acquires key stake in Australia’s Plenary Group

ADQ, the Abu Dhabi-based investment and holding company, and Plenary Group, a leading Australian developer of public-private infrastructure projects, have formed a strategic partnership focused on accelerating the development and expansion of public and social infrastructure globally.

ADQ will acquire a 49 per cent stake in Plenary, including all shares previously held by Canadian pension fund Caisse de dépôt et placement du Québec.

Set up in 2004, Plenary has a portfolio of 21 assets under management valued at over $25bn across Australia and the Middle East.

The value of the transaction involving ADQ’s stake acquisition was not disclosed.

Regulatory approvals are pending for the finalisation of the transaction.

A productive partnership for Plenary and ADQ

The alliance will leverage ADQ’s capital and Plenary’s expertise to pursue public infrastructure projects in high-growth regions like the Middle East, Asia and Europe.

A co-investment platform will be established to identify and develop public-private partnership (PPP) opportunities. The platform positions the duo to capitalise on high-growth markets and deliver impactful projects that contribute to economic prosperity and social well-being.

Hamad Al Hammadi, deputy group chief executive officer of ADQ, said: “This collaboration, marking our inaugural venture in Australia, underscores ADQ’s commitment to developing partnerships that complement our investment strategy, which aims to create long-term value and generate sustainable financial returns.

“ADQ’s existing portfolio of infrastructure assets, many of which are emerging as national champions, will catalyse to leverage the significant potential of PPP projects together with Plenary, a leader in its field with a proven track record of delivering successful infrastructure projects globally.”

John O’Rourke, chairman and founder of Plenary Group, said: “ADQ’s investment will help accelerate our growth in Australia and internationally while the co-investment platform will allow us to scale our activities in the Middle East.”

The Australian firm has been involved in the financing, design, procurement, construction, commissioning and 20-year operations, and maintenance of three state-of-the-art school campuses at Zayed City in Abu Dhabi.

In recent news, Alpha Dhabi Holding announced a strategic move by divesting 49 per cent of its subsidiary, Alpha Dhabi Construction Holding (ADCH), to ADQ.

Alpha Dhabi Holding will retain a 51 per cent shareholding in ADCH, maintaining its interests in the construction sector.

Read: Alpha Dhabi to divest 49% stake in construction firm to ADQ