[ad_1]
Abu Dhabi Ports, which operates 10 ports and terminals in the United Arab Emirates, agreed to buy a controlling stake in Dubai-based Global Feeder Shipping for $800 million as part of a plan to expand its business.
For the latest headlines, follow our Google News channel online or via the app.
The port operator, which is controlled by sovereign wealth fund ADQ, will acquire an 80 percent stake in container shipping firm GFS, according to a statement. The deal is fully funded by loans, and GFS’ existing management will continue, with the founders retaining a 20% stake.
AD Ports said: “This acquisition will further strengthen the company’s hub and spoke model by linking core markets in the Gulf, Indian Subcontinent, Red Sea and Turkey with key port assets such as Khalifa Port.
The acquisition is Abu Dhabi Ports’ largest external investment and its first major transaction in neighboring Dubai, home to DP World Ltd., one of the world’s largest port operators. Founded in 2006, the company went public in January, raising $1.1 billion in an initial public offering.
AD Ports said it would seek to integrate GFS into its maritime cluster, which provides shipping, offshore and subsea services. CEO Mohamed Juma Al Shamisi said: “Integrating GFS into our operations will allow us to grow our customer base, expand our global footprint and build on this significant momentum.
GFS owns and operates 26 vessels with a total capacity of 72,500 20-foot equivalent units. The company provides services connecting the UAE with India, Pakistan, Sri Lanka, Egypt, Sudan, Djibouti, Yemen, Saudi Arabia, Bahrain, China, South Korea, Vietnam and more.
read more:
Egypt to cooperate with Maersk on $15 billion clean fuel project for ships: Presidency
Ship carrying first Ukrainian grain cargo nears Syria: sources
Shipping disruptions continue as German Rhine levels drop again
[ad_2]
Source link
