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March 2, 2024

Multiply Group’s unit MG Wellness acquires stake in LVL Technology

Abu Dhabi-based Multiply Group’s wellness-focused subsidiary, MG Wellness Holding has acquired 49.38 percent equity interest of LVL Technology.

LVL Technology Holding’s LVL Wellbeing is a corporate wellbeing platform that provides individual, team, and corporate wellbeing practices that contribute to a healthier work or life balance.

The company said in a statement that “the investment will support scaling operations, facilitating strategic expansion across the region, and will see HealthierU integration under LVL Wellbeing’s platform combining forces to offer the most comprehensive preventive health and wellbeing services to members and clients.”

HealthierU platform intends to improve users’ holistic wellness by offering 24×7 access to online teleconsultation with specialists in areas like sleep health, fitness, nutrition, and mental wellbeing, working in longevity and wellness clinics worldwide.

The easy-to-use HealthierU platform will also enable users to access advanced diagnostic services at labs across the UAE and health assessments and will provide personalized, comprehensive solutions and advice such as fitness training and wellness plans, tailored to users’ needs and lifestyle.

In July, Multiply Group announced that it is acquiring a minority interest in Breakwater Energy for $100 million. This investment comes under Multiply+, the Group’s sector-agnostic arm that is more opportunistic. Through this acquisition, Multiply Group will become part owner of a highly profitable and cash-generative, diversified global upstream portfolio with significant gas weighting and reserve life, offering an attractive dividend profile.

Furthermore, earlier this year, Multiply Group signed a binding commitment to acquire a 55 percent majority stake in Media 247, one of the leading UAE outdoor advertising companies, for approximately $50 million.