– The UAE’s AD Ports Group, a subsidiary of India’s Adani Ports, and East Harbour Terminals Limited have formed a joint venture to acquire a 95% stake in Tanzania’s Tanzania International Container Terminal Services Ltd (TICTS) for $39.5 million.

– The joint venture, East Africa Gateway Limited (EAGL), based in KEZAD, Abu Dhabi, will take control of TICTS, which has an annual container capacity of 1 million TEUs and handled 83% of Tanzania’s total container volumes in 2023.

– Adani Ports and Special Economic Zone Ltd. (APSEZ) will be the controlling shareholder, consolidating EAGL on its books, while AD Ports will own 30% of the newly formed joint venture. The deal is expected to be completed by the end of June.

The UAE’s AD Ports Group has established a joint venture (JV) with a subsidiary of India’s Adani Ports and East Harbour Terminals Limited to acquire a 95% stake in a major container port in Tanzania from the Hutchison ports group for $39.5 million.

The JV, East Africa Gateway Limited (EAGL), based in KEZAD, Abu Dhabi, acquired the stake in Tanzania International Container Terminal Services Ltd (TICTS) from Hutchison Port Holdings Limited, Hutchison Port Investments Limited, and Harbours Investment Limited, according to a statement from the ADX-listed port operator on Monday.

The deal is expected to be completed by the end of June. TICTS, which operates the terminal with an annual container capacity of 1 million TEUs, handled approximately 0.82 million TEUs in 2023, representing 83% of Tanzania’s total container volumes.

Adani Ports and Special Economic Zone Ltd. (APSEZ) recently announced that its subsidiary, Adani International Ports Holdings Pte Ltd., signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port.APSEZ will be the controlling shareholder and will consolidate EAGL on its books.

AD Ports, the Abu Dhabi-based logistics and trade facilitator, will own 30% of the newly formed JV.