Abu Dhabi sovereign wealth fund ADQ has completed its purchase of a 49% stake in Australian infrastructure investor Plenary, in a deal Plenary expects will bolster its global expansion.
The deal was first announced in April 2024 for an undisclosed amount. Plenary will continue to be majority-owned and operated by its Australian founders, the company said.
“This transaction highlights the global recognition and value of Australia’s infrastructure expertise. We are excited about the opportunities this partnership will bring, positioning us to participate in significant upcoming projects in Australia and New Zealand, while accelerating our international growth,” said Plenary chair Paul Oppenheim.
“In particular, the Middle East co-development and investment platform will supercharge our expansion into new markets and unlock valuable opportunities for both companies.”
The companies have established a co-development and investment platform, known as Plenary Middle East, tasked with financing infrastructure in the Middle East and Central Asia’s high-growth areas.
ADQ acquired the 20% stake owned by Quebec pension fund CDPQ, though the fund will continue to invest in Plenary’s Australian operations and remains the majority shareholder in Plenary’s Americas unit.
Plenary has operated in the Middle East since 2022, including Abu Dhabi projects such as a group of schools in Zayed City.
As well as the Middle East, Plenary now plans to expand into Asia, the United Kingdom, and Europe.
ADQ’s acquisition is the first major investment from the United Arab Emirates into an Australian company since the two countries signed a bilateral free trade agreement in November 2024. The agreement aims to promote two-way investment into sectors like infrastructure and renewable energy.
Plenary’s valuation was estimated at A$1 billion in December 2023. Its total assets under management are worth around $32 billion, with its global portfolio worth more than $73 billion.
ADQ’s total assets were worth US$225 billion, as of June 2024.
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