ABU DHABI, 10 June 2024: Morgan Lewis advised Presight AI Holding plc (Presight), an Abu Dhabi–based publicly listed company specializing in artificial intelligence and big-data analytics, as it entered into agreements with ADNOC and G42 to create a new shareholding structure for AIQ, an artificial intelligence company focused on the energy sector. Under the agreement, Presight will acquire a 51% stake in AIQ, with ADNOC retaining a 49% share. As part of the transaction, ADNOC will receive 4% in Presight shares from G42 in exchange for 11% of its shareholding in AIQ, which, at current Presight market value, values AIQ at over $1.4 billion.
The transaction will combine AIQ’s breakthrough AI energy solutions with Presight’s cross-sector big-data analytics, product development, and access to international markets to position AIQ as a leading energy-focused AI organization. The transaction was signed on 1 May 2024 and completed on 7 June 2024, following receipt of necessary approvals from Presight’s shareholders and satisfaction of other conditions.
The Morgan Lewis team advising Presight includes partners Mark Gilligan, Anastasia Dergacheva, William Nash, Neil McKnight, and Iain Wright; of counsel Joanna Maria El Khoury; and associates Samuel Hare, Oliver Tidey, Alena Neskoromyuk, Nahla Shamseddine, and David P. Bernstein.
For more information, please read Presight’s release here.