34.8 C
Dubai
Monday, April 22, 2024
spot_img

Abu Dhabi AD Ports completes acquisition of logistics service provider Noatum – News

[ad_1]

Reuters

published: Sunday, July 2, 2023 at 9:46 pm

Last updated: Sunday, July 2, 2023 at 9:52 pm

Closing of transaction following final approval from Spanish authorities


read more…



Abu Dhabi-listed AD Ports Group has completed the acquisition of Spanish logistics services provider Noatum in a deal worth 660 million euros (Dh2.5 billion), the UAE company said on Sunday.

The company said in a statement that the deal was finalized last year after AD Ports received final approval from Spanish authorities.

On November 18 last year, AD Ports Group announced the acquisition of Noatum, a global integrated logistics platform with operations in 26 countries, with LTM revenue and EBITDA of AED 6.91 billion and AED 555 million, respectively.

The total purchase consideration (enterprise value) for 100% ownership amounted to AED 2.5 billion (EUR 660 million), implying an LTM EV/EBITDA of 4.6 times. The accretive and revenue accretive acquisition, to be fully financed through a new acquisition facility, will significantly expand AD Ports Group’s global footprint, placing it among the world’s leading logistics and freight forwarding companies.

Recognizing Noatum’s high growth potential and ability to expand, AD Ports Group intends to create a market-leading international logistics brand by merging its existing logistics business with Noatum to establish a significant presence in the region and strengthen the company’s global presence range of services. Looking ahead, Noatum will lead AD Ports Group’s logistics cluster, integrating the company’s existing logistics services into its operations.

This is AD Ports Group’s third major international acquisition in 2022, following the acquisition of 70% of Transmar and TCI in September and the acquisition of 80% of Dubai’s Global Feeder in November (GFS).

Noatum’s history can be traced back to 1963, and its business involves three business areas of logistics, shipping and port terminals, with market leading positions in Spain and Turkey, and important positions in the United States, United Kingdom, China and Southeast Asia.

[ad_2]

Source link

Related Articles

NASA’s Revealing Images of UAE’s Flooded Regions Post-Heavy Rains

NASA Unveils Aerial Views of UAE's Flooded Regions A "slow-moving storm" system unleashed unprecedented torrential rains across various parts of the Emirates, inundating the UAE...

DXB Issues Advisory Amid Impending Unstable Weather

DXB Issues Advisory Amid Unforeseen Weather As UAE residents gear up to face the anticipated onslaught of unstable weather conditions sweeping across the country, travelers...

UAE Streets, Parks, and Malls Buzzing with Eid Al Fitr Festivities, Glorious Gathering

UAE Streets, Parks, and Malls Overflowing with Festive Spirit Amidst the joyous occasion of Eid Al Fitr, the streets, parks, and malls of the United...

UAE Gold Prices Reach New All-Time High, Surging by Dh4.50 per Gram

UAE are advised to stay informed and exercise caution when navigating the gold market, keeping in mind the potential risks and rewards associated with...

Abu Dhabi BAPS Hindu Mandir, Enhancing Visitor Experience Efficient Pre-Registration

Abu Dhabi BAPS Hindu Mandir Unveils Streamlined Pre-Registration System In a significant move aimed at enhancing visitor experience and ensuring a smooth flow of devotees,...

Latest Articles