Prior notification of a concentration (Case M.12047 – TABREED / DIF / PAL COOLING JV) – Candidate case for simplified procedure
Date: 2025-07-09
Institutions: Directorate-General for Competition, European Commission
Subjects: Bahrain, Egypt, India, Oman, Saudi Arabia, United Arab Emirates, air conditioning, economic concentration, investment company, merger control








C_202503800EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/3800


9.7.2025






Prior notification of a concentration
(Case M.12047 – TABREED / DIF / PAL COOLING JV)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2025/3800)


1.   
On 1 July 2025, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


National Central Cooling Company PJSC (‘Tabreed’, United Arab Emirates), jointly controlled by Mubadala Investment Company PJSC (‘Mubadala’, United Arab Emirates) and Engie S.A. (‘Engie’, France),










—


DIF Management B.V. (‘DIF’, The Netherlands),










—


PAL Cooling Holding LLC (‘PAL Cooling’, United Arab Emirates), ultimately controlled by International Holding Company (‘IHC’, United Arab Emirates).




Tabreed and DIF will acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of PAL Cooling.
The concentration is accomplished by way of purchase of shares.


2.   
The business activities of the undertakings concerned are the following:






—


Tabreed is a district cooling company operating across the United Arab Emirates, Saudi Arabia, Oman, Bahrain, Egypt and India,










—


DIF is an infrastructure equity fund manager with assets under management primarily across Europe, the Americas and Australasia,










—


PAL Cooling is a district cooling provider in Abu Dhabi in the United Arab Emirates.






3.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


4.   
The Commission invites interested third parties to submit their possible observations on the proposed concentration to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.12047 – TABREED / DIF / PAL COOLING JV
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2025/3800/oj
ISSN 1977-091X (electronic edition)