PHOTO
Dubai-based logistics company Aramex has completed its largest ever acquisition with the purchase of Access USA Shipping LLC (MyUS) for $265 million in an all-cash transaction.
MyUS will be fully integrated into Aramex, retain its brand name and be complementary to Aramex’s Shop & Ship service, its subscription-based last mile e-commerce arm, the company said in a statement to Dubai Financial Market (DFM) today.
The US platform will operate as a business unit within Aramex’s courier services.
Aramex said the acquisition will strengthen Aramex’s cross-border express business by increasing shipment volumes, growing and diversifying its customer base, and expanding coverage in new origins and destinations.
“This transaction is also expected to be immediately value accretive for Aramex, providing strong growth in revenues, attractive profitability and superior cash conversion,” the company said.
MyUS generated more than $100 million in revenue, delivering 1.1 million packages to customers who shop from retailers based in the US, UK and China in 2021, employing 300 people, the majority of whom are based in the USA.
Aramex CEO Othman Aljeda said: “Our shareholders will immediately see the impact on financial performance, and over the long term we can unlock further value through operational and cost synergies.”
(Writing by Imogen Lillywhite; editing by Seban Scaria)
