Photo courtesy Abu Dhabi Ports
By Leen Al-Rashdan (Bloomberg) —
Abu Dhabi Ports Group has purchased Spanish logistics firm Noatum for $680 million, its second acquisition this month as it looks to expand globally.
For the company with 10 facilities in the United Arab Emirates, the deal offers exposure to maritime and logistics activities in the Mediterranean as well as port facilities in Spain, AD Ports said in a statement Friday. Noatum also has a presence in Turkey, the US, the UK, China, and Southeast Asia.
It comes after AD Ports, controlled by Abu Dhabi sovereign wealth fund ADQ, bought 80% of Dubai-based Global Feeder Shipping for $800 million earlier this month. The expansion echoes that of Dubai’s DP World, one of the largest port operators, which last year announced a string of deals in a bid to become a more diversified, integrated logistics company.
“We will leverage the acquisition of Noatum to build a strong international logistics brand with deep roots in this region,” AD Ports Chief Executive Officer Mohamed Juma Al Shamisi said in the statement.
Rothschild & Co. advised AD Ports on the transaction, which will be funded through a new loan.
AD Ports handled a record 45 million tons of general cargo volumes last year, up 50% from the previous year. In January, it raised $1.1 billion in an initial public offering.
© 2022 Bloomberg L.P.
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