Dubai-listed logistics firm Aramex is set to acquire e-commerce platform MyUS, as part of its plans to expand cross-border operations.
The acquisition is a natural extension to its widely used Shop & Ship product, it said in a statement to Dubai Financial Market (DFM).
The company announced on Wednesday that it had entered into a binding agreement to fully acquire Access USA Shipping LLC (MyUS) for $265 million as part of its efforts to capitalise on the $4 trillion global e-commerce sector.
It described MyUS as a global technology-driven platform that enables cross-border e-commerce, providing package forwarding solutions for customers of retailers based in US, UK and China.
Aramex CEO Othman Aljeda said: “MyUS’s business and expertise are a natural extension of our solutions, a complementary to our flagship product - Shop & Ship, and we see significant benefits to be derived from this acquisition.”
“We are acquiring a profitable business and this transaction is value accretive to Aramex and our shareholders,” he added.
The transaction is expected to be closed in the third quarter of 2022, with an additional DFM disclosure stating that the purchaser will be Aramex subsidiary Aramex USA Limited, and that it will be 100 percent debt funded through third-party bank loans.
(Writing by Imogen Lillywhite; editing by Seban Scaria)