Dubai-based courier Aramex has completed the transfer of shares in Information Fort (InfoFort), a records and information management provider in the Middle East, North Africa and Turkey regions, to Iron Mountain Inc.
In a statement to the Dubai Financial Market where it is listed, Aramex which is partly owned by Abu Dhabi state investor ADQ, said that it would receive approximately $91 million following the transaction. Cash proceeds receivable would be reflected in the company’s Q3 financial statements, it added.
In February, Aramex said will sell InfoFort to a subsidiary of Iron Mountain, the US-based global leader of information management services.
On Thursday, Aramex said it there was a hitch getting regulatory approval in Algeria. A SPA agreement it signed with Iron Mountain has been amended to defer certain obligations relating to the re-organization of part of InfoFort in certain countries. All other applicable regulatory approvals, and all terms and conditions agreed upon between the two parties, have been satisfied or waived, Aramex added.
(Writing by Brinda Darasha; editing by Seban Scaria)
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