Abu Dhabi Ports completes acquisition of majority stakes in Egypt's Transmar and Transcargo
Abu Dhabi Ports Group has successfully completed the acquisition of 70% of the shares of Transmar International Shipping "Transmar" and Transcargo International "TCI", with a total value of the deal amounting to 514 million dirhams, equivalent to 140 million dollars.
The acquisition of these two Egyptian-based companies is the first international acquisition of Abu Dhabi Ports Group and provides it with a market-leading platform that ensures further growth in container and cargo volumes and port operations in Egypt, North Africa, the Gulf region, and the entire Red Sea region.
Over the past year, the group has significantly expanded its global presence through a number of investments and partnerships in the markets located on the main trade routes of the UAE, which include Jordan, Uzbekistan, Tanzania and Egypt.
Transmar is a container line operating in the Middle East, the Red Sea, the Arabian Gulf and the eastern coast of the African continent.
The list of ports that fall into the shipping lines it serves include Adabiya and Ain Sukhna in Egypt, Jeddah, Jubail and Dammam in Saudi Arabia, Aqaba in Jordan, Port Sudan in Sudan, Djibouti in Djibouti, and Port Khalifa and Jebel Ali in the UAE.
The company has specialized capabilities in handling petrochemical products, which constitute a major part of the trade movement in these lines.
TCI is a freight forwarding company specializing in the handling of project cargo, heavy cranes, bulk cargo, industrial bulk cargo, general cargo, containers, as well as warehousing and warehouse services.
The company owns a fleet of advanced loading and unloading equipment, and its operations are concentrated in Adabiya Port, which is one of the most important ports serving the areas overlooking the Red Sea in Egypt. It is the exclusive and largest operator in this port, as it manages a large market share of handling, loading and unloading services.
The two companies are proceeding according to the plans set to achieve revenues of up to 137 million dollars, and profits before interest, taxes, depreciation and amortization amounting to 65 million dollars for the entire year 2022.
It is scheduled that the Al-Ahwal family and the executive teams of the two companies will continue to carry out management tasks and present strategic growth plans under the management and support of the Board of Directors. Management and in cooperation with Abu Dhabi Ports Group.
Captain Mohamed Juma Al Shamsi, Managing Director and CEO of Abu Dhabi Ports Group, said that the successful completion of this international acquisition is another major step in the path of global growth and the approach of expansion in diverse global markets that the group is pursuing in line with the vision and directives of our wise leadership.
He added: "The Abu Dhabi Ports Group is proud of its stellar track record of achievements, and the ability to successfully invest in partnerships and acquisitions that create more value, improve our portfolio of services, and open the door to more channels of commercial linkage for our customers."
He explained: "This acquisition provides us with a leadership position in leading regional companies, ensures a wide presence for the group on a number of major business lines, and opens the door to more opportunities by benefiting from the great expertise of both "Transmar" and "TCI".
It should be noted that KPMG LG was the financial advisor, while PwC was the commercial advisor, and Matouk Bassiouni & Hennawi, the legal advisor to the Abu Dhabi Ports Group, was involved in this transaction.
EFG Hermes was the exclusive financial advisor, and White & Case was the legal advisor to Transmar and TCI in the acquisition.
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