Abu Dhabi Power, a state-owned entity with a mandate to generate value through active asset management of key utilities’ investments in Abu Dhabi, offered to acquire Abu Dhabi National Energy Company, a government controlled energy holding company of Abu Dhabi, United Arab Emirates, at a $1.1bn valuation. "On the basis that the transaction completes, it is our intention to increase the free float of the company through a follow-on public offering," Jasim Husain Thabet, Abu Dhabi Power CEO.