Abu Dhabi´s AD Ports Group has completed the acquisition of Spain-headquartered Noatum, a global integrated logistics services provider with a presence across 26 countries, after receiving approvals from all relevant regulatory bodies.
AD Ports Group received the final approval from Spanish Authorities, after it attained regulatory clearance from the European Commission earlier in the year.
The total purchase consideration, which is the enterprise value for the 100% ownership of Noatum, amounts to AED 2.65 billion.
Abu Dhabi reports that Noatum had a generated revenue and Ebitda of €1.6 billion and €111.6 million in the last twelve months, and held a net debt position of €54.9 million as of May 31, 2023.
It is also said that full consolidation of Noatum has started since the day of signing on 30 June 2023. Noatum will assume leadership of AD Ports Group’s Logistics Cluster, with the process of integrating its businesses and team of 2,800 professionals into the Cluster’s operations commencing immediately.
In the portfolio of Noatum’s maritime business it is included the shipping agency services, inclusive of outsourcing, ancillary, and cargo solutions such as liquid bulk, breakbulk cargo, reefer, and dry cargo, while its ports business includes bulk, container, reefer, ro-ro and multi-purpose terminal operations located across 16 ports in Spain and the UAE.
Its logistics arm provides complete end-to-end services inclusive of multi-modal freight management, contract logistics, customs clearance and trade compliance, global supply-chain management, project cargo, and e-solutions.
It is believed that the acquisition of Noatum will generate several important synergies, including revenue enhancement, cost savings, joined purchasing, transfer of best practices, market expertise, and adoption of cutting-edge technology.
