Abu Dhabi, UAE— AD Ports Group Friday said it has fully acquired integrated logistics platform Noatum for AED2.5 billion ($680 million).
AD Ports said that Noatum has a presence in 26 countries and LTM revenue and EBITDA of AED6.91 billion and AED555 million, respectively. It said the acquisition implied an LTM EV/EBITDA of 4.6 times.
The acquisition will be fully funded through a new acquisition loan, AD Ports said. Subject to regulatory approvals, the transaction is expected to close in H1 2023.
AD Ports Group will merge its existing logistics business with Noatum, which will lead the Group’s Logistics Cluster.
This will be AD Ports Group’s third major international acquisition in 2022, following the acquisition of a 70 percent equity stake in Transmar and TCI in September, and the announcement in November of its acquisition of an 80 percent equity stake in Dubai-based Global Feeder Shipping (GFS).