Abu Dhabi-backed holding company ADQ said on Thursday that it has acquired about a 22 per cent stake in Dubai-based courier Aramex, making it the company's biggest shareholder.
The purchase was executed through a series of on-market transactions and an off-market special deal, ADQ said in a statement.
"Aramex is a global leader in logistics and transportation, and will complement our logistics investments... as we work to expand the logistics ecosystem in the UAE," Murtaza Hussain, ADQ's acting chief investment officer for M&A and alternative investments, said.
ADQ, which was established in 2018, owns strategic assets such as Abu Dhabi Ports, Abu Dhabi Airport and bourse operator ADX.
The group has also been buying assets in the commodities and agriculture sectors, including General Holding Corporation (Senaat), which has subsidiaries trading in agri-food and industrial assets.
- Reuters
Published: Thu 17 Sep 2020, 10:04 PM
Updated: Fri 18 Sep 2020, 12:06 AM
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