AD Ports Group has announced the completion of its purchase of Noatum, a worldwide integrated logistics services provider, following approval from all necessary regulatory organisations.
After receiving regulatory authorisation from the European Commission earlier this year, AD Ports Group gained final approval from Spanish authorities.
The overall purchase price (Enterprise Value) for 100 per cent ownership of Noatum was AED2.65 billion ($721 billion).
In the past 12 months, the Spain-based firm generated sales and EBITDA of €1.6 billion ($1.7 billion) and €111.6 million ($121 million), respectively, functioning in accordance with expectations since the acquisition was announced.
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Noatum’s full consolidation has begun from the day of signing on 30 June.
Noatum will take over AD Ports Group’s Logistics Cluster, and the process of merging its businesses and 2,800 employees into the Cluster’s operations will begin immediately.
Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “We are delighted to have obtained regulatory approval for the acquisition, and on behalf of AD Ports Group.
“We look forward to leveraging our integrated cross-Cluster business model and working together to unlock unprecedented value for our respective customers, partners and stakeholders.
“The future of trade and logistics relies on integration, resilience and innovation, and by taking this transformative step together we are charting a path to realising our collective mission of becoming one of the top global trade and logistics providers.”
For its part, Noatum reportedly brings growth potential and scalability thanks to its asset light operating model and presence in all major global markets, including Europe, Asia, Africa, North America and South America.
Noatum offers a spectrum of trade and logistics services by integrating its maritime, ports, and logistics activities.
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Antonio Campoy, CEO, Noatum, stated: “We are thrilled to join the AD Ports Group family. Throughout our 60-year history as a company, our goals have always been to build strong long-term projects, create new opportunities for the future, and grow alongside our clients, our people, and our stakeholders.”
In November 2022, AD Ports Group’s intent to acquire Noatum was initially announced, and had been pending the necessary regulatory approvals.
