Dubai Investments in talks to acquire Emicool

Dubai Investments is currently in initial talks to buy Union Properties' stake in Emirates District Cooling LLC (Emicool), taking full control of the Dubai-based district cooling provider.

The company may go through a private sale and then an initial public offering later this year, Dubai Investments' chief executive Khalid Bin Kalban said, according to Reuters.

"They have the intention to sell, and we have the intention to buy," Kalban said, though he did not provide a value for the stake.

In April, Union Properties said it plans to sell a 30% stake in Emicool through an eventual IPO.

Union Properties and Dubai Investments said each plan to sell 15% of the district cooling company by the end of this year, according to Kalban.

The sale will depend on on the state of the markets and the results of a valuation exercise which is currently under way, Kalban added earlier this year.

The company is an equally owned joint venture between M’Sharie, the private equity arm of Dubai Investments, and Union Properties.