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Dubai’s Aramex in $265m deal to buy US e-commerce firm

Aramex's net profit rose marginally higher by three percent to AED47.302 million ($12.88 million) in Q1 2022. Image: Aramex

Dubai-listed courier firm Aramex has bought US-based e-commerce company Access USA Shipping, in a deal valued at around $265 million, it was reported on Wednesday.

Access USA Shipping, operating as MyUS, is described as a technology-driven, cross-border e-commerce platform, and serves customers in the US, UK and China.

“We see significant benefits to be derived from this acquisition,” Othman Aljeda, CEO of Aramex, said in a press statement. “We believe this transaction will open new trade lanes for both companies, as well as increase trade flow from major global trade hubs into the Middle East, where Aramex is a leading player. We are acquiring a profitable business and this transaction is value accretive to Aramex and our shareholders. It will also create great value for our customers and partners.”

The deal is expected to be completed in the third quarter of 2022.

Aramex’s net profit rose marginally higher by three percent to AED47.302 million ($12.88 million) in Q1 2022, while revenues were up two percent to AED1.45 billion, driven by strong performance in its logistics and freight-forwarding business.

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