TAEF-led team completes Metito Utilities deal
8 January 2025
A consortium led by Riyadh-based The Arab Energy Fund (TAEF) has completed the acquisition of a 100% stake in water and wastewater developer Metito Utilities from its parent firm Metito Holdings.
The consortium will also provide further growth capital for the company, Metito Holdings said in a statement on 8 January.
“This landmark transaction, in partnership with Zamil Group Investment Company and the Ghandour family, aligns with TAEF’s strategic vision to advance energy security and sustainability by driving impactful investments that address critical infrastructure needs in water and wastewater management across the Middle East, Africa and Asia,” said Metito.
Formerly known as Apicorp, TAEF is a leading multilateral financial institution focused on the Middle East and North Africa (Mena) energy sector. It moved its headquarters from Dammam to Riyadh in November 2023.
At least three investors are engaged in talks to acquire regional water and wastewater project developer Metito Utilities, MEED reported in August.
UAE-based Alpha Dhabi pulled out from its plan to acquire a majority stake in the parent firm, Metito Holdings, last year.
Alpha Dhabi announced a plan in September 2023 to purchase shares from Gulf Capital, which it said had exited its investment in Metito Holdings after a 17-year partnership. It then scrapped the plan in May 2024.
In addition to Gulf Capital, other shareholders in Metito Holdings include Japan’s Mitsubishi Corporation and Mitsubishi Heavy Industries. MEED understands they remain as shareholders in the parent firm.
US/India-based Synergy Consulting acted as financial adviser to TAEF and Zamil Group for the transaction.
Photo credit: Metito Utilities
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