ADNOC, G42 and Presight AI Holding PLC, an ADX publicly listed company, have announced a new shareholding structure for AIQ.
Under the agreement, Presight will acquire a 51 per cent stake in AIQ with ADNOC retaining a 49 per cent shareholding (previously G42 40 per cent, ADNOC 60 per cent).
It was shared that AIQ will continue as a standalone company, leveraging data to deliver AI-powered solutions to the energy sector.
The transaction is subject to Presight’s shareholder and regulatory approval.
As part of the transaction, ADNOC will receive 4 per cent in Presight shares currently from G42, in exchange for 11 per cent of its shareholding in AIQ, which, at current Presight market value, values AIQ at over $1.4 billion.
The transaction will combine AIQ’s AI energy solutions with Presight’s cross-sector big data analytics, product development, and access to international markets.
H.E. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said: “The UAE has embraced AI to drive productivity, economic growth and social advancement, with ADNOC laser-focused to become the world’s most AI-enabled energy company, delivering smarter, cleaner and safer energy to the world.”
Adding: “Our partnership with Presight will further AIQ’s capabilities, advance ADNOC’s ambition to pioneer technology and AI to build the energy system of tomorrow, with data integration from the control room to the board room.”
H.E. Mansoor Al Mansoori, Chairman of Presight, commented: “Today’s transaction will unlock both Presight and AIQ’s ADNOC Classification: Public immense growth potential, positioning the two organizations for unprecedented local and global success.”
Peng Xiao, Group CEO of G42, added: “This transaction underscores once again G42’s ability to grow organizations poised for technological leadership in their respective domains and create shareholder value. AI can play a pivotal role in accelerating the energy transition, and Presight’s acquisition of AIQ, with plans to serve ADNOC and the wider energy sector, further reinforces our commitment to the wellbeing of our planet and its inhabitants.”
Launched in 2020 in partnership with G42, AIQ has developed over 20 AI applications and filed 16 patents.
The Company shared that its AI solutions, which are trained using vast amounts of current and historical data, are being commercialised and will be the “foundation for transformative growth” of AIQ.