Synergy advised on the creation of a joint venture between Abunayyan Holding (large business group based out of Saudi Arabia with interests in power, water and energy applications) and the Middle East subsidiary of Eaton Corporation (power management company with corporate headquarters in Dublin and operational headquarters in Ohio).
Synergy performed the role of due diligence advisor and supported in negotiations related to creation of the JV. The new JV has been set up as Eaton Arabia and is expected to produce and service low and medium voltage switchgear across the Middle East, with presence in the Kingdom of Saudi Arabia and the United Arab Emirates. Abunayyan Holding and Eaton Corporation (NYSE:ETN) will each own 50 per cent of the new entity. We at Synergy are proud to have worked on the creation of Eaton Arabia and look forward to more such successful transactions in the future.