Sovereign fund Limad takes Taqa private, triggering ADX delisting
What's the deal? Abu Dhabi sovereign wealth fund LimadDealroom has a profile for this one. Try Dealroom → has acquired all remaining shares of Abu Dhabi National Energy Company, known as TaqaDealroom has a profile for this one. Try Dealroom →, and will delist it from the Abu Dhabi Securities Exchange (ADX). The purchase, made through subsidiary Abu Dhabi Power CorporationDealroom has a profile for this one. Try Dealroom →, followed an earlier acquisition of 98.12% of Taqa's issued share capital, according to a statement from the company on Wednesday.
Who's involved? Taqa is a state-linked utility and power operator. Limad, established last year, made the final purchase via Abu Dhabi Power Corporation to take full ownership.
Why now? Limad has been expanding aggressively. Earlier this month it announced plans to fully acquire AD Ports GroupDealroom has a profile for this one. Try Dealroom → through its subsidiary ADQDealroom has a profile for this one. Try Dealroom →, in which it holds 75.42%. Last year it also bought a significant stake in Abu Dhabi real estate firm Modon HoldingDealroom has a profile for this one. Try Dealroom → from IHCDealroom has a profile for this one. Try Dealroom →.
What's the endgame? The fund is building a broad infrastructure portfolio. In May, it joined a consortium including AdnocDealroom has a profile for this one. Try Dealroom →, BlackRock's Global Infrastructure PartnersDealroom has a profile for this one. Try Dealroom →, and Singapore's Temasek to make $30 billion of infrastructure investments across the Gulf and Central Asia, funded by a mix of equity and debt.
What changes for Taqa? The delisting removes public shareholders, but the utility continues to grow. Earlier this year, Adnoc and Taqa signed a 27-year agreement to supply utilities to the Taziz Industrial Chemicals Zone in Ruwais, covering electricity, steam, cooling, and water services. In December 2025, Taqa closed financing for the Dh3.6 billion Al Dhafra power plant, which will power data centre projects in the UAE.
The signal: The deal reflects Abu Dhabi's push to consolidate strategic energy and infrastructure assets under sovereign control, aligning utilities like Taqa with state-backed investment vehicles chasing long-term returns.
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