Abu Dhabi – Mubasher: Theta Bidco, a subsidiary of International Holdings Company (IHC), has announced an AED 359 million ($98 million) recommended cash offer to acquire the London Stock Exchange-listed Arena Events Group.

Arena Events Group is an event solutions provider that offers temporary physical structures, seating, exhibition services, refrigeration, fencing and barriers, furniture, and interiors for events across Europe, the Middle East, Asia, and the Americas, according to a press release on Tuesday.

Theta Bidco is formed by IHC Industrial Holding and Saudi Arabia-based Tasheel Holding Group, holding 70% and 30% stakes respectively.

The Chief Strategy and Growth Officer of IHC, Peter Abraam, commented: "Our aim is that IHC's global business channels and presence will strengthen Arena's ability to enter new markets and diversify its offerings, reflecting positively on the company's future growth."

Meanwhile, Arena’s Chairman, Ken Hanna, said: "The new owners will help Arena grow through additional funding which guarantees the future of the business as a leader in the event rental market."