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AD Ports Group, a key player in logistics, industry and trade, has completed the acquisition of Noatum, a global integrated logistics services provider with operations in 26 countries, for AED 2.65 billion (US$ 720 million).
In addition to significantly expanding AD Ports Group’s global reach and service offerings, the acquisition of Noatum will generate several important synergies, including increased revenue, cost savings, joint procurement, transfer of best practices, market expertise and adoption of cutting-edge technology .
AD Ports Group has received final approval from Spanish authorities, following a regulatory license from the European Commission earlier this year. The total purchase consideration (enterprise value) for 100% ownership of Noatum was calculated at a EUR/AED exchange rate of 4.01 on the date of signing (EUR 660 million, USD 720 million), implying an EV/EBITDA of 5.9 times over the trailing 12 months.
Noatum revenue, EBITDA at AED 6.4 billion
With revenues of AED 6.4 billion (EUR 1.6 billion) and EBITDA of AED 448 million (EUR 111.6 million) in the past 12 months, the Spain-based company has performed in line with expectations since the deal was announced, and As of May 31, 2023, its net debt position was AED 220 million (EUR 54.9 million).
The full integration of Noatum begins on June 30, 2023, when it was signed.
This landmark and transformative acquisition brings together two major industry players with respective strengths and capabilities to form a global powerhouse in trade and logistics.
Given its wide range of services, experience and capabilities, Noatum will lead AD Ports Group’s logistics cluster and the process of integrating its business and team of 2,800 professionals into cluster operations will begin immediately.
long-term growth strategy
Captain Mohamed Juma Al Shamisi, Managing Director and Group Chief Executive Officer, AD Ports Group, said: “This landmark acquisition is a testament to the enduring support of our wise leadership and fits seamlessly into our long-term growth strategy. We look forward to Leverage our integrated cross-cluster business model and work together to unlock unprecedented value for our respective customers, partners and stakeholders.
“The future of trade and logistics depends on integration, resilience and innovation, and by taking this transformative step together, we are charting a path to achieve our collective mission of becoming one of the world’s top trade and logistics providers.”
Thanks to its asset-light operating model and presence in key global markets including Europe, Asia, Africa, North and South America, Noatum brings enormous growth potential and scalability. Combining its maritime, ports and logistics businesses, the company operates a comprehensive portfolio of trade and logistics services with operations in 26 countries and a comprehensive network of 143 international offices.
Maritime business
In particular, Noatum’s maritime business provides ship agency services, including outsourcing, ancillary and freight solutions, such as liquid bulk, breakbulk, reefer and dry cargo, while its ports business includes bulk, container, reefer, roll-on-roll-off and multivessel – Dedicated terminal operations centers located in 16 ports in Spain and the UAE, as well as dedicated warehouses and warehouses. Its Logistics segment provides complete end-to-end services, including intermodal freight management, contract logistics, customs clearance and trade compliance, global supply chain management, project freight and e-solutions.
The portfolio supports a range of industry sectors, including automotive and aerospace, chemicals, construction, renewable energy, FMCG, industrial manufacturing, oil and gas, mining, healthcare and life sciences, and retail.
Antonio Campoy, CEO of Noatum, said: “Throughout our 60-year history as a company, our aim has always been to build strong long-term programs, create new opportunities for the future, and grow together with our customers and employees, as well as our stakeholders. Today, more than ever, these goals are more relevant as part of AD Ports Group as we build one of the strongest logistics companies in the world.”
AD Ports Group originally announced its intention to acquire Noatum in November 2022 and is currently awaiting the necessary regulatory approvals. — trade arab news agency
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