Abu Dhabi – Mubasher: AD Ports Group completed the acquisition of a 70% equity stake in Transmar International Shipping Company (Transmar) and Transcargo International (TCI) for AED 514 million ($140 million).
The transaction marks the first international acquisition realised by AD Ports Group, Emirates News Agency (WAM) reported on Wednesday.
The acquisitions of the two Egypt-based maritime companies provide AD Ports Group with a market-leading platform for further growth in container, cargo and port operations in Egypt, North Africa and Gulf regions, as well as along the entire Red Sea.
Over the past year, AD Ports Group has expanded its global footprint significantly, unveiling new investments and partnerships in markets on key trade routes for the UAE including Jordan, Uzbekistan, Tanzania, and Egypt.
Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf, and Eastern Coast of Africa. Ports along its routes include Adabiya and Sokhna in Egypt; Jeddah, Jubail and Dammam in Saudi Arabia; Aqaba in Jordan; Port Sudan in Sudan; and Djibouti in Djibouti, Khalifa Port and Jebel Ali in the UAE.
TCI is a terminal operator and stevedoring company specialising in project cargo handling, heavy lift, breakbulk, industrial breakbulk, general cargo and container handling, as well as warehousing and storage facilities.
Together, Transmar and TCI are on track to generate revenue and EBITDA of nearly $137 million and $65 million, respectively, for 2022.
KPMG LG acted as the financial advisor, PwC as the commercial advisor and Matouk Bassiouny and Hennawy as the legal advisor to AD Ports Group in these transactions. EFG-Hermes acted as the exclusive financial advisor and White & Case acted as the legal advisor to Transmar and TCI on this acquisition.
