Abu Dhabi's ADQ to Fully Acquire Aramex
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Abu Dhabi-based investment and holding company ADQ has offered to fully acquire the largest courier company in the Middle East Aramex in a deal that values that company at AED 4.39 billion (USD 1.2 billion).
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Abu Dhabi Ports currently owns a 22.69 percent stake in Aramex, which received a formal proposal from Q Logistics Holding, an ADQ subsidiary, to buy all its shares that are not controlled by ADP.
Abu Dhabi Ports is also majority-controlled by ADQ.
The intent letter posted on Dubai Financial Market revealed that Aramex shareholders will receive AED 3 per share, which is about a 33 percent premium on the courier company's closing price of AED 2.31 on Friday.
Aramex shares surged by 15 percent to AED 2.65 on Monday, Jan. 13. It was the biggest intra-day rise since October 2023, according to Bloomberg data.
ADQ has total assets worth $225 billion as of Jun. 30 and it has shareholdings in more than 25 companies across various sectors including energy, utilities, food and agriculture, health care, pharmaceuticals, mobility and logistics.