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Aramex Logistics Center. Image courtesy: Aramex
Abu Dhabi sovereign investor ADQ has secured a 63.26% stake in the Dubai-listed courier firm Aramex, following a voluntary conditional cash offer launched via its subsidiary, Q Logistics Holding.
Acceptances obtained by Q Logistics now represent 40.57% of Aramex’ shares. In addition to this, ADQ already owns a 22.69% in the logistics firm through the Abu Dhabi Ports Group, which is 75.42% owned by the sovereign investor,
ADQ’s stake in Aramex exceeds the ‘minimum acceptance conditions’ specified under the UAE regulator’s Mergers & Acquisitions Rules.
Q Logistics was offering to buy shares from Aramex shareholders at 3 UAE dirhams ($0.82) per share, giving them a deadline of March 24 to accept the offer price. The proposed acquisition valued Aramex at approximately AED 4.39 billion.
Aramex shares rose 1.81% on the DFM on Friday following the news, closing at AED 2.82.
ADQ earlier said its interest in Aramex aligned with its strategy to enhance its transport and logistics portfolio, which includes the Abu Dhabi Ports Company, Etihad Airways, Abu Dhabi Airports Company, Etihad Rail Company, Wizz Air Abu Dhabi, Q Mobility, and Abu Dhabi Aviation.
According to DFM data, GeoPost SA, owned by La Poste, the international delivery network operated by France’s state-owned postal service, still owns a 28% stake in Aramex.
Geopost acquired a 20.15% stake in Aramex in October 2021 at AED 1.4 billion for 295 million shares.
(Writing by Bindu Rai, editing by Brinda Darasha)
