ADQ acquires 49% stake in Australian developer Plenary for $1 billion

Abu Dhabi-based sovereign wealth fund ADQ has made a significant move in the Australian infrastructure market by acquiring 49 per cent of shares in Plenary, a renowned infrastructure development financier and manager. The deal, valued at around $1 billion, is set to bolster Plenary’s position in the industry and accelerate its growth in key markets.

Plenary, founded in 2004, has established itself as a market leader in investing, developing, and managing public infrastructure projects. With 21 assets under management across Australia and the Middle East, the company has a strong reputation for delivering successful projects, including the Gold Coast Light Rail and the Melbourne Convention and Exhibition Centre.

The partnership with ADQ will not only provide Plenary with additional balance sheet strength but also open up new opportunities for growth in high-growth geographies such as the Gulf Cooperation Council (GCC) region, the Middle East, and Central Asia. This collaboration marks ADQ’s inaugural venture in Australia, highlighting its commitment to creating long-term value and sustainable financial returns through strategic partnerships.

Plenary’s chair and founder, John O’Rourke, expressed excitement about the partnership with ADQ, emphasizing the alignment of strategic goals between the two entities. The deal will allow Plenary to accelerate its growth both domestically and internationally, with a focus on developing high-quality infrastructure assets.

Overall, the acquisition by ADQ signifies a significant milestone for both companies, paving the way for future collaborations and investments in the infrastructure sector. With ADQ’s strong position in the Middle East region and Plenary’s proven track record in delivering successful projects, the partnership is poised to unlock new opportunities and drive economic growth in target geographies.