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Abu Dhabi-listed vehicle fleet operator EasyLease, a subsidiary of UAE conglomerate International Holding Company (IHC), has acquired a 60% stake in Ripe, according to a bourse filing.
The acquisition is part of a strategy to boost the IHC unit’s portfolio in the transportation sector, broaden its service offering and expand its business in the UAE and abroad, EasyLease Motorcycle Rental said in a disclosure on the Abu Dhabi Securities Exchange (ADX).
Ripe offers a range of services, including container and commercial kiosk rentals, food trucks and advanced management of parking facilities, event management and drive-through services from vehicles.
“This collaboration empowers us to broaden our service offerings and explore new avenues for growth, both locally and abroad, through the company’s expansion in the Arabian Gulf and the Middle East,” EasyLease said.
The deal is the second acquisition the company announced this month.
EasyLease has recently acquired a 60% stake in UAE-based Fully Charged, a provider of electric vehicle (EV) charging solutions.
(Writing by Cleofe Maceda; editing by Seban Scaria)
