Abu Dhabi’s ADQ offers to buy Aramex at $1.2 billion valuation: Bloomberg

ABU DHABI: Abu Dhabi sovereign fund ADQ offered to take full control of Aramex PJSC in a deal that would value the courier services company at about 4.39 billion dirhams ($1.2 billion).

ADQ, through its subsidiary Q Logistics Holding LLC, proposed to buy all the Aramex shares that aren’t owned by Abu Dhabi Ports, which is also controlled by the sovereign wealth fun and has a 22.69 percent stake in the delivery company.

Aramex shareholders will receive 3 dirhams per share, according to an exchange filing. that’s around 30 percent higher than Aramex’s last closing price of 2.31 dirhams on Friday.

A successful deal would give ADQ control over one of the region’s best-known courier services and further solidify its grip on the domestic transport and logistics sector. It already owns ports, airports, and Abu Dhabi’s flagship carrier.

The Aramex offer is the largest signal that the region’s sovereign wealth funds are likely to continue their buying spree. The courier company’s shares surged as much as 15 percent – the maximum allowed – to 2.65 dirhams Monday morning for the biggest intra-day gain since October 2023.

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Aramex was founded in 1982 and became the first Arab-based company to list on Nasdaq. It’s one of the region’s earliest successful business stories and has long seen as the regional answer to global shipping companies like FedEx and DHL.

Rothschild is acting as financial adviser for Q Logistics, Emirates NBD Capital is lead manager and Emirates NBD is the receiving agent for the tender.