Abu Dhabi’s Multiply Group invests $100mln in EIG’s Breakwater Energy

Abu Dhabi’s Multiply Group invests $100mln in EIG’s Breakwater Energy

Abu Dhabi-based Multiply Group, an investment holding company, is acquiring a minority interest in Breakwater Energy for 367 million dirhams ($100 million) as it looks to invest in high-dividend yielding companies. Through this acquisition, Multiply Group will become part owner of a "highly profitable and cash generative, diversified global upstream portfolio with significant gas weighting and reserve life, offering an attractive dividend profile," it said in a statement on Abu Dhabi Securities Exchange on Wednesday. Breakwater Energy, a subsidiary of EIG, an institutional investor in the global energy and infrastructure sectors with $23.5 billion under management, acquired a 25% interest in Repsol Upstream for a total consideration of around $4.8 billion, with Repsol holding the remaining 75%. Repsol and EIG plans to potentially list the business in the United States from 2026, Multiply said. Samia Bouazza, Group CEO and Managing Director, said: "Multiply Group is well-positioned to continue exploring high-value acquisition opportunities and Repsol’s plans to utilise this investment to fuel low carbon energy projects makes this transaction particularly interesting for us.” Multiply Group invests across four verticals: Mobility, Energy and Utilities, Media and Communications, and Beauty and Wellness. Last year, it invested in Dubai utility firm DEWA’s $6.1 billion