AD Ports Group (ADP), has reached an agreement to acquire a 70% equity stake in International Associated Cargo Carrier which owns two Egypt-based maritime companies, Transmar International Shipping Company and Transcargo. This is ADP Group’s first international acquisition.
The transaction is valued at $140 million, the acquisition will be fully funded from AD Ports Group’s existing cash reserves.
“This is the first overseas acquisition in AD Ports Group’s history, and an important milestone in our ambitious international expansion plan. This acquisition will support our wider growth targets for North Africa and the Gulf region and broaden the portfolio of services we are able to offer in those markets,” Falah Mohammed Al Ahbabi, Chairman of AD Ports Group, said.
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, including agreements with the Egyptian Group for Multipurpose Terminals for the joint development and operation of Egypt’s Ain Sokhna Port and an agreement with the General Authority for Red Sea Ports for the development, operation, and management of cruise ship berths at Sharm El Sheikh Port.
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