Fast growing AD Ports Group has bought Spanish ports firm Noatum for $660m.
This will be AD Ports Group’s third major international acquisition in 2022, following the acquisition of a 70% equity stake in Transmar and TCI in September, and the announcement in November of its acquisition of an 80% equity stake in Dubai-based Global Feeder Shipping (GFS).
Noatum, whose origins date back to 1963, operates in three business areas – logistics, maritime, and port terminals – with market-leading positions in Spain and Turkey and a significant presence in the US, UK, China, and Southeast Asia.
Noatum’s global logistics business is best known for its heavylift expertise while its terminal operations include 15 roro, 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.
Subject to regulatory approvals, the transaction is expected to close in the first half of next year. As part of the transaction, Noatum’s management is locked in for a period of three years.
Falah Mohammed Al Ahbabi, chairman of AD Ports Group, said: “This ambitious acquisition brings a major global logistics platform into the AD Ports Group family, significantly enhancing our global connectivity and extending the range of maritime, logistics, and ports solutions we can offer as we continue to pursue a determined strategy for growth. This acquisition makes AD Ports Group one of the most significant global players in finished vehicle logistics, which we intend to expand in our home and core markets.”
