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Following approval from the Spanish government, AD Ports Group of the United Arab Emirates purchased the logistics company Noatum for €660 million (about $720 million). On Sunday, the Abu Dhabi Stock Exchange saw a statement to that effect from the Emirati group.
The statement read, "Noatum, a global provider of comprehensive logistics services with a presence in 26 countries, was acquired by AD Ports Group, one of the world's major logistics, industrial, and trade intermediaries, today. The deal was finally approved by the Spanish government after being approved by the European Commission earlier this year, according to AD Ports Group. 2.65 billion UAE dirhams (about €660 million) total (enterprise value) will be paid for Noatum."
Taking into account Noatum's expertise, the company will oversee the logistics cluster for AD Ports Group and incorporate the company and its 2,800 employees into the Emirati group. According to AD Ports Group, the acquisition of Noatum will enable cost-saving measures and revenue growth.
source: reuters.com
The statement read, "Noatum, a global provider of comprehensive logistics services with a presence in 26 countries, was acquired by AD Ports Group, one of the world's major logistics, industrial, and trade intermediaries, today. The deal was finally approved by the Spanish government after being approved by the European Commission earlier this year, according to AD Ports Group. 2.65 billion UAE dirhams (about €660 million) total (enterprise value) will be paid for Noatum."
Taking into account Noatum's expertise, the company will oversee the logistics cluster for AD Ports Group and incorporate the company and its 2,800 employees into the Emirati group. According to AD Ports Group, the acquisition of Noatum will enable cost-saving measures and revenue growth.
source: reuters.com
