Multiply Goes Green

Multiply Goes Green

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  • Multiply Group, the Abu Dhabi-based conglomerate with a diverse portfolio including investments in entities like Getty Images, is reportedly engaged in discussions to acquire a share in the Turkish waste management company, Biotrend. Those familiar with the matter have revealed that negotiations between Multiply and Biotrend Cevre ve Enerji Yatirimlari AS have reached an advanced stage, although the specific size and value of the potential deal are still in the process of being determined.
  • Biotrend's stock experienced a surge of up to 10% in the Istanbul market, it was trading at a 9.4% increase, reaching 21.40 liras. This move by Multiply is in line with a broader trend of UAE-based companies expressing interest in Turkey's energy sector. This interest was spurred by President Recep Tayyip Erdogan's efforts to attract investments to Turkey's $1 trillion economy during his tour of the Gulf region in July. For instance, UAE's clean energy producer, Masdar, has been in negotiations to acquire a stake in Turkey's Fiba Yenilenebilir Enerji, as reported by Bloomberg last month.

Why it matters

    Biotrend primarily focuses on solid waste management, electricity generation, and carbon trading through 19 facilities in Turkey. It made its debut on the Borsa Istanbul in 2021 and had an approximate market value of $360 million based on the closing price on Monday.


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