Abu Dhabi Ports Group (AD Ports) announced that it has reached an agreement to acquire a 70 percent equity stake in International Associated Cargo Carrier B.V., which wholly owns two Egypt-based maritime companies, Transmar International Shipping Company and Transcargo International S.A.E. (TCI).
The total purchase consideration (Enterprise Value) of this transaction amounts to 514 million dirhams ($140 million). The acquisition will be fully funded from AD Ports Group’s existing cash reserves, which stood at over 3 billion dirhams as of 31st March 2022.
It is the first international acquisition realized by AD Ports Group, says the company’s statement.
KPMG LG acted as the financial advisor, PwC as the commercial advisor, and Matouk Bassiouny and Hennawy as the legal advisor to AD Ports Group in these transactions.
EFG-Hermes acted as the exclusive financial advisor and White & Case acted as the legal advisor to Transmar and TCI on this acquisition.
This deal is the latest in a series by AD Ports Group in the Egyptian maritime industry.
Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf, and Eastern Coast of Africa. In 2021, Transmar handled 109,000 TEUs.
TCI is a terminal operator and stevedoring company, mainly operating out of the Adabiya Port, where it is the exclusive container operator.
