Abu Dhabi-based AD Ports is set to acquire 100% ownership of Spanish port operator Noatum for $680 million (AED 2.5 billion), as it expands its global presence and diversifies geographically.
Noatum employs more than 2,600 people and operates 26 containers across Spain, the US, the UK, Europe and Asia.
AD Ports said in a statement it wants to position itself as a leading logistics and freight forwarding company in the world.
The Spanish operator is present in three verticals—logistics, maritime and port terminals. The company operates 15 Ro-Ro, dry bulk, general cargo and container terminals in Spain. Its maritime division provides shipping agency services, including outsourcing and ancillary services and cargo services, such as liquid bulk, breakbulk cargo, reefer and dry cargo.
AD Ports will fund the buyout through a new acquisition loan.
The company has been on a buying spree and this will be the third big foreign acquisition by AD Ports in 2022. Previously, it bought a 70% stake in Transmar and TCI, and an 80% equity stake in Dubai-based Global Feeder Shipping.
AD Ports said that following the latest acquisition it will merge its existing logistics business with Noatum to create a significant presence in the region and enhance its services.
“Moving forward, Noatum will lead AD Ports Group’s logistics cluster, consolidating the company’s existing logistics offering into its operations,” the statement said.