Dubai: The AD Ports Group has bought US-based logistics platform Noatum for a total purchase consideration of Dh2.5 billion.
“This value and earnings accretive acquisition, which significantly broadens AD Ports Group’s global footprint and positions it among the leading logistics and freight forwarding companies in the world,” the Abu Dhabi entity said in a statement.
The deal will be realised through a new acquisition loan. AD Ports Group will merge its existing logistics business with Noatum to ‘create a significant presence in the region and enhancing services across the company’s global footprint’. Noatum will thus lead AD Ports Group’s Logistics Cluster, by consolidating the company’s existing logistics operations.
The transaction is likely to close first-half 2023. As part of the transaction, Noatum’s management is locked in for a period of three years to ‘ensure smooth integration’.