AD Ports Group, which is backed by the UAE sovereign wealth fund ADQ, said its subsidiary, Noatum, is set to fully acquire Sesé Auto Logistics, a part of the Spanish Grupo Logístico Sesé, for 81 million euros ($84.7 million) .

The transaction is expected to be completed by Q1 2024, subject to regulatory approvals, the ADX-listed operator of industrial cities and free zones said in a regulatory filing on Tuesday.

Sesé Auto Logistics, a finished vehicles logistics (FVL) business, with a revenue of EUR 100 million, operates across Spain, Germany, Poland, Czech Republic, and Hungary, and has with a fleet of over 200 trucks.

The acquisition is expected to generate synergies with Noatum’s port terminals business in Spain.

AD Ports which owns and operates 10 ports in the UAE, including the deepwater Khalifa Port in the Abu Dhabi and the Fujairah port, is looking to expand globally. 

In June, it signed a  50-year concession agreement with to develop the Karachi port. It has  30-year concession agreement with Congo to manage and operate a multipurpose New East Mole Terminal in the city of Pointe-Noire.

(Writing by Brinda Darasha; editing by Seban Scaria)