Abu Dhabi – Mubasher: AD Ports Group has completed the acquisition of Noatum, a global integrated logistics services provider that operates in 26 countries, at an enterprise value of AED 2.65 billion.
The UAE group concluded the transaction after obtaining approvals from all relevant regulatory bodies, including the Spanish Authorities and the European Commission, according to a press release.
Meanwhile, Noatum will lead AD Ports’ Logistics Cluster, integrating its businesses and team of 2,800 professionals into the cluster’s operations.
The acquisition of Noatum will enlarge the UAE group's footprint and scope of services worldwide, in addition to boosting its revenues.
Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports, said: “We look forward to leveraging our integrated cross-Cluster business model and working together to unlock unprecedented value for our respective customers, partners, and stakeholders.”
Al Shamisi indicated: “The future of trade and logistics relies on integration, resilience, and innovation, and by taking this transformative step together we are charting a path to realising our collective mission of becoming one of the top global trade and logistics providers.”
Antonio Campoy, CEO of Noatum, highlighted: “Throughout our 60-year history as a company, our goals have always been to build strong long-term projects, create new opportunities for the future, and grow alongside our clients, our people, and our stakeholders.
“Today, as part of AD Ports, these objectives are more meaningful than ever, as together we are going to build one of the most robust logistics companies in the world," Campoy added.
Earlier in June, the ADX-listed group announced $220 million in investments with the Pakistani federal government agency Karachi Port Trust (KPT).
In the first three months (3M) of 2023, the net profits attributable to the owners of AD Ports hit AED 330.93 million, up 9% from AED 304.92 million as of 31 March 2022.
