Abu Dhabi Ports acquires Spanish logistics firm for further global expansion

By Leen Al-Rashdan (Bloomberg) —

Abu Dhabi Ports Group has bought Spanish logistics company Noatum for $680 million, its second acquisition this month, as it looks to expand globally.

AD Ports said in a statement on Friday that for the company, which has 10 facilities in the United Arab Emirates, the deal provides opportunities for maritime and logistics activities in the Mediterranean, as well as port facilities in Spain. Noatum also operates in Turkey, US, UK, China and Southeast Asia.

Following AD Ports, controlled by Abu Dhabi sovereign wealth fund ADQ, purchase It bought 80 percent of Dubai-based Global Feeder Shipping earlier this month for $800 million.The expansion echoes that of DP World in Dubai, one of the largest port operators in Dubai, which last year Announce a string trade Strive to become a more diversified and comprehensive logistics company.

“We will leverage the acquisition of Noatum to create a strong international logistics brand with deep roots in the region,” AD Ports CEO Mohamed Juma Al Shamisi said in a statement.

Rothschild & Co. advised AD Ports on the transaction, which will be financed by a new loan.

AD Ports handled a record 45 million tonnes of general cargo last year, a 50% increase over the previous year. In January, it raised $1.1 billion in an initial public offering.

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