AD Ports Group Buys Spanish Logistics and Ports Company Noatum
AD Ports Expands to the Mediterranean with Acquisition of Noatum LogisticsIn the latest step of its ...
AD Ports Expands to the Mediterranean with Acquisition of Noatum Logistics
In the latest step of its expansion drive, AD Ports Group has announced its acquisition of the Spanish logistics company Noatum, a purchase valued at $660 million.
Noatum operates in three business areas, including logistics, shipping and ports. Its market share is mainly concentrated in Spain and Turkey, although it has a presence in the US, UK, China and Southeast Asia.
AD Ports wants to leverage Noatum’s maritime business to gain greater exposure in the Mediterranean region and ports in Spain. Noatum controls operations in 15 ro/ro, dry bulk, general cargo and container terminals in Spain.
AD Ports also hopes to tap into Noatum’s relationships with shipping lines in order to attract them to the Group’s terminal operations.
Moving forward, AD Ports will also hand Noatum the operation of its logistics division, consolidating the logistics businesses of both companies under unified management.
“AD Ports Group continues to extend its global footprint through value-adding acquisitions and partnerships with market leaders. This acquisition makes AD Ports Group one of the significant global players in the finished vehicle logistics, which we intend to expand in our home and core markets,” said Falah Mohammed Al Ahbabi, Chairman of the AD Ports Group.
Subject to regulatory approvals, the transaction is expected to close in H1 2023.
Noatum is AD Ports Group’s third acquisition this year, following the acquisition of a 70 percent equity stake in International Associated Cargo Carrier, the owner of Egypt-based Transmar International Shipping and Transcargo International (TCI).
Earlier this month, AD Ports announced the acquisition of an 80 percent equity stake in Dubai- based Global Feeder Shipping (GFS).
In its Q3 results released last week, AD Ports revenue grew by 53 percent year-over-year to $399 million. The net profit for the period also jumped by 77 percent year-over-year, reaching $90 million.