Abu Dhabi’s Taqa to Buy GS Inima for About $1.2 Billion
(Bloomberg) -- Abu Dhabi National Energy Co. agreed to buy GS Inima for about $1.2 billion to expand its water business.
The transaction is expected to close in 2026 and is subject to regulatory approval and other conditions, the company also known as Taqa said in a statement Sunday. Under the deal, GS Engineering & Construction will divest its entire stake in GS Inima, which it owned through its subsidiary Global Water Solutions, to Taqa.
Taqa, Abu Dhabi’s main power utility, has been looking at overseas deals. The company in April agreed to buy the UK’s Transmission Investment, one of the largest operators of assets connecting wind farms at sea to the British electricity grid. It has also revived interest in a stake in the Spanish utility Naturgy Energy Group SA, people familiar with the matter told Bloomberg News in March.
GS Inima, headquartered in Madrid, operates water desalination, wastewater treatment and related infrastructure projects in Brazil, the Middle East, and Europe, the US, Mexico and Oman, providing Taqa with immediate access to these markets, according to the statement. It has about 50 active water desalination and treatment projects.
The company’s South Korean parent disclosed the sale on Friday without identifying a buyer.
Taqa has “committed to large-scale infrastructure projects that advance longterm water security, including several developments projects in Morocco and Uzbekistan. These initiatives have reinforced Taqa’s commitment to enabling long-term water security in high-priority markets, while also expanding its global footprint,” according to the statement.
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