Aramex is advising shareholders to accept the takeover offer of an Abu Dhabi state fund and has also unveiled double-digit revenue growth driven by regional nearshoring in its core markets.
As reported last month, Abu Dhabi’s sovereign wealth fund ADQ – the owner of Etihad Airways, Abu Dhabi Ports Company (AD Ports) and other transportation companies – wants to acquire Aramex, the Middle East’s leading express company, in a near-$1 billion takeover as the wealthy emirate builds up a strategic portfolio of regional aviation and logistics companies and seeks to rival Dubai on the global logistics stage.
Recommended offer
ADQ already holds an indirect stake of 22.69% in Aramex through its 75% subsidiary AD Ports. Another subsidiary, Q Logistics Holding, now intends to acquire up to 100% of Aramex shares not already held by AD Ports for AED 3 per share.
The deal moved forward this week, with Q Logistics submitting a formal offer to Aramex last Sunday (February 9). On Tuesday (February 11), the Aramex board accepted it as representing a fair price and recommended that shareholders should accept the offer. The deadline for acceptance has been set for March 10.
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