UAE - ZMI Holdings said that ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of ADNOC Group, has entered into a definitive agreement to take over ZMI.
Expected to close in the fourth quarter (Q4) of 2022, the transaction will be subject to customary regulatory approvals, according to a press release.
The strategic deal, which is one of the largest transactions to date in oil field services in MENA, will create a unique platform for ZMI to accelerate its growth and expand its business footprint regionally and globally.
ADNOC L&S will benefit from ZMI’s extensive capabilities, as well as its operational excellence and its fit-for-purpose fleet of over 60 vessels.
Founder, Chairman and Board member of ZMI, Hassan Abdelkader El Ali, said: “Expanding our services will allow us to more effectively address our customers’ needs and challenges. We have plans in place to further diversify our portfolio of assets and clients, expanding in China and utilising ADNOC’s breadth and depth to rapidly scale-up in areas of high demand.”
Deputy Chairman of ZMI, Ali Hassan El Ali, added: “Following the acquisition by ADNOC L&S, we are primed to drive and convert on our strategic priorities. We will leverage ADNOC’s extensive global operations to move ahead with our market consolidation and fleet expansion plans, alongside pursuing value-added opportunities in the energy transition space and establishing relationships with operators in new markets.”
It is noteworthy to mention that ZMI will continue operating as a standalone entity under ADNOC L&S and Ali Hassan El Ali will lead the new phase of growth as the CEO of ZMI.
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