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Abu Dhabi’s AD Ports Group is acquiring 100% ownership of a global port operator for AED 2.5 billion ($680.6 million), expanding its reach.
The investment in Noatum, which employs more than 2,600 people and operates in 26 countries, including Spain, the US, the UK and other Asian and European markets, aims to position AD Ports as a leading global logistics and freight forwarding company, according to Friday a statement of .
The transaction will be fully funded through a new acquisition loan. This will be AD Ports’ third major international acquisition this year, following its acquisition of a 70% stake in Transmar and TCI, as well as an 80% stake in Dubai-based Global Feeder Shipping (GFS).
Noatum operates in three business areas – logistics, marine and port terminals. The company posted revenue of AED 6.91 billion and EBITDA of AED 6.91 billion for the trailing 12 months. It also operates in Turkey, China and Southeast Asia.
The company operates 15 ro-ro, dry bulk, breakbulk and container terminals in Spain. Its Maritime segment provides shipping agency services, including outsourcing and ancillary services, and cargo services such as liquid bulk, breakbulk, refrigerated and dry cargo.
With the new investment, AD Ports Group said it intends to merge its existing logistics operations with Noatum to establish a significant presence in the region and enhance its services.
“Going forward, Noatum will lead AD Ports Group’s logistics cluster, integrating the company’s existing logistics offerings into its operations,” the statement said.
(Reporting by Cleofe Maceda; Editing by Mily Chakrabarty)
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