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AD Ports Group's digital arm Maqta Gateway has acquired TTEK Inc, a developer of border control solutions and customs systems, for $26.7 million.
The Abu Dhabi Stock Exchange-listed AD Ports Group said in a regulatory filing on Monday that the transaction includes an upfront payment of $17.1 million.
AD Ports Group, backed by the UAE sovereign wealth fund ADQ, said Maqta Gateway aims to leverage TTEK’s R&D hub in Vietnam and its expertise in customs and border modernisation solutions across Africa, Middle East, North America and Australia.
TTEK is on track to deliver revenue and EBITDA of around 8.2 million and 2.3 million in FY23 (March year-end), respectively, it added.
(Writing by Brinda Darasha; editing by Seban Scaria)
