Abu Dhabi – Mubasher: AD Ports Group has acquired Noatum, a Spain-based integrated logistics platform, at an enterprise value (EV) of AED 2.50 billion (EUR 660 million), according to a press release.
Noatum is operating in 26 countries with last twelve months (LTM) revenue worth AED 6.91 billion (EUR 1.80 billion), as well as earnings before interest, taxes, depreciation, and amortisation (EBITDA) of AED 555 million (EUR 145 million).
AD Ports plans to develop a market-leading international logistics brand, merging its existing logistics business with Noatum to boost its services and reinforce the group’s footprint worldwide. Meanwhile, the transaction will be fully funded through a new acquisition loan.
Furthermore, Noatum will lead AD Ports Group’s Logistics Cluster, integrating the UAE-based company’s existing logistics offering into its operations.
Subject to regulatory approvals, the transaction is forecast to close in the first half (H1) of 2023. In this regard, Noatum’s management is locked in for a three-year period to secure smooth integration.
Rothschild & Co acted as the financial advisor for the acquisition, while A&O was the legal advisor. Additionally, Bain & Co handled the commercial due diligence works and PwC was responsible for the financial and tax due diligence for AD Ports.
This takeover marks AD’s third major global acquisition in 2022 after owning a 70% equity stake in Transmar and TCI last September and holding 80% equity in Dubai-based Global Feeder Shipping (GFS) in November.
Falah Mohammed Al Ahbabi, Chairman of AD Ports, commented: “This ambitious acquisition brings a major global logistics platform into the AD Ports Group family, significantly enhancing our global connectivity and extending the range of maritime, logistics, and ports solutions we can offer as we continue to pursue a determined strategy for growth.”
Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports, said: “Bringing Noatum into our integrated network of businesses will add scale and new layers of expertise, supporting both our global ambitions and our contribution to economic diversification within the UAE.”
Al Shamisi added: “We will leverage the acquisition of Noatum to build a strong international logistics brand with deep roots in this region.”
In the first nine months (9M) of 2022, AD Ports logged net profits attributable to the equityholders worth AED 917.05 million, higher than AED 590.04 million in 9M-21.
