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Abu Dhabi's AD Ports completes acquisition of logistics services provider Noatum

Deal completed after final approval received from Spanish authorities

Abu Dhabi-listed AD Ports Group completed the acquisition of Spain-based logistics services provider Noatum on a deal worth 660 million euros (Dh2.5 billion), the UAE company said on Sunday.

The deal, which was made last year, was completed after AD Ports received the final approval from Spanish authorities, the company said in a statement.

On November 18 last year, AD Ports Group announced that it has acquired Noatum, a global integrated logistics platform with a presence in 26 countries and LTM revenue and EBITDA of Dh6.91 billion and Dh555 million, respectively.

The total purchase consideration (Enterprise Value) for 100 per cent ownership amounts to Dh2.5 billion (660 million euros), implying an LTM EV/EBITDA of 4.6x. 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, will be fully funded through a new acquisition loan.

Recognising Noatum’s high growth potential and capacity to scale, AD Ports Group had intends to create a market-leading international logistics brand, merging its existing logistics business with Noatum to create a significant presence in the region and enhancing services across the company’s global footprint. Moving forward, Noatum will lead AD Ports Group’s Logistics Cluster, consolidating the company’s existing logistics offering into its operations.

This was AD Ports Group’s third major international acquisition in 2022, following the acquisition of a 70 per cent equity stake in Transmar and TCI in September, and the announcement in November of its acquisition of an 80 per cent equity stake in Dubai-based Global Feeder Shipping (GFS).

Noatum, whose origins date back to 1963, operates in three business areas – Logistics, Maritime, and Port Terminals – with market-leading positions in Spain and Turkey and a significant presence in the US, UK, China, and Southeast Asia.