DUBAI (Reuters) – Abu Dhabi sovereign wealth fund ADQ on Tuesday said it now owns a 58% stake in logistics firm Aramex after completing a tender offer.
ADQ is now a majority shareholder in Aramex through a 35.31% stake acquired via the tender offer from unit Q Logistics, having previously held a 22.69% stake through Abu Dhabi Ports Group.
In January, Q Logistics said it wanted to acquire up to 100% of shares in Aramex not already held by Abu Dhabi Ports.
Aramex provides logistics and transportation services, including domestic and international express delivery via road, air and sea.
The latest takeover offer was launched through ADQ’s unit Q Logistics Holding, at a price of 3 dirhams ($0.8169) per share, and the final number of tendered shares will be announced on March 28, ADQ said.
ADQ was established in 2018 and has a broad portfolio of domestic assets, including Abu Dhabi state carrier Etihad Airways and Abu Dhabi Ports Company.
($1 = 3.6722 UAE dirham)
(Reporting by Abinaya Vijayaraghavan; Editing by Eileen Soreng)
