Abu Dhabi-backed ADQ acquires 22% of courier Aramex

The purchase was executed through a series of on-market transactions and an off-market special deal

  
A worker unloads boxes at the distribution and operations warehouse at the Aramex Emirates head offices and freight and logistics facility at Dubai Logistics City in Jebel Ali April 10, 2012. Image for illustrative purposes.

A worker unloads boxes at the distribution and operations warehouse at the Aramex Emirates head offices and freight and logistics facility at Dubai Logistics City in Jebel Ali April 10, 2012. Image for illustrative purposes.

REUTERS/Jumana El Heloueh

DUBAI- Abu Dhabi-backed holding company ADQ said on Thursday it has acquired about a 22% stake in Dubai-based courier Aramex, making it the company's biggest shareholder.

The purchase was executed through a series of on-market transactions and an off-market special deal, ADQ said in a statement.

"Aramex is a global leader in logistics and transportation, and will complement our logistics investments... as we work to expand the logistics ecosystem in the UAE," Murtaza Hussain, ADQ's Acting Chief Investment Officer for M&A and alternative investments, said.

ADQ, which was established in 2018, owns strategic assets such as Abu Dhabi Ports, Abu Dhabi Airport and bourse operator ADX.

The group has also been buying assets in the commodities and agriculture sectors, including General Holding Corporation PJSC (Senaat), which has subsidiaries trading in agri-food and industrial assets.

(Reporting by Saeed Azhar; Editing by Jan Harvey) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))

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