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AD Ports completes $681m buyout of Spanish firm

AD Ports' intent to acquire Noatum was announced in November 2022 but was pending regulatory approval

AD Ports Group has completed the acquisition of Spanish integrated logistics company Noatum for AED2.5 billion ($680.62 million) after receiving approvals from all relevant regulatory bodies.

The state-owned Abu Dhabi port operator received the final approval from Spanish authorities after attaining regulatory clearance from the European Commission earlier in the year. 

Noatum generated revenue and Ebitda of AED 6.4 billion and AED 448 million in the last 12 months, respectively. Its net debt stood at AED 220 million as of May 31, 2023.

The full consolidation of Noatum started on June 30 2023, the UAE state-owned Wam news agency reported.

Combining its maritime, ports and logistics businesses, Noatum has a presence in 26 countries and a network of 143 international offices.

AD Ports’ intention to acquire Noatum was announced in November 2022.

It bought a 70 percent equity stake in Transmar and TCI in September 2022. In November it announced the purchase of an 80 percent equity stake in Dubai-based Global Feeder Shipping.