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AD Ports subsidiary acquires majority stake in Safina: AD Ports’ Noatum has acquired a majority stake in maritime, logistics, and cargo services provider Safina Shipping Services, the company said in a statement (pdf). The agreement to acquire the stake in the firm will close in 3Q 2024.
The details: While no information was provided about the size of the stake or value of the acquisition, the agreement will see Safina — a leading logistics provider for metal, mineral, and fertilizer shippers — absorbed into Noatum’s portfolio and rebranded as Noatum Maritime Egypt. The company’s founders will also retain a minority stake in the company.
It’s all in the family: AD Ports is no stranger to Safina, having purchased a 70% stake in Safina’s parent company IACC Holdings in 2022.
REMEMBER- Abu Dhabi-based AD Ports fully acquired Spanish logistics company Noatum back in July 2023 in a EUR 660 mn transaction as part of a wider expansion plan. Noatum is present in US, Chinese, and Southeast Asian markets. The subsidiary has since launched offices in Turkey as part of its ongoing expansion across the MENA region.
Noatum will expand Safina’s customer base: AD Ports plans to leverage Noatum’s extensive international network to help Safina “access new customers from more diverse industries and strengthen its local presence,” the statement said.
AD Ports is doubling down on the Egyptian market: The acquisition of Safina comes shortly after AD Ports inked an agreement in June to develop, operate, and manage three cruise terminals in Hurghada, Safaga, and Sharm El Sheikh, with USD 4.7 mn in investments over 15 years.
ALSO FROM AD PORTS- The port operator closed its acquisition of a 60% majority stake in Georgia’s Tbilisi Dry Port, the new custom-bonded and rail-connected intermodal hub under development in Georgia, Wam reports. The project is set to be operational in October 2024 and will serve as a key link in the Middle Corridor, connecting Western Asia’s manufacturing hubs to Eastern Europe.
REMEMBER- AD Ports signed a purchase agreement with Inveco in March to acquire the dry port. AD Ports’ logistics subsidiary Noatum will operate and manage facilities at the port, while coordinating with partners Inveco and Wilhelmsen. The project covers two land plots that will be developed over three phases, with the final phase seeing a boost in capacity to 286k TEU, 100k sqm of warehousing space, and more expansive car storage yards. An additional 88k sqm of land is available for future expansion subject to volume growth.
OTHER M&A NEWS-
Meteora Developers acquires Maisour: Dubai-based real estate developer Meteora Developers acquired DIFC-based property crowdfunding platform Maisour for a mult-mn USD sum, according to a press release. The acquisition is expected to bring an “unprecedented surge in demand” for properties in the emirate, thanks to Maisour’s lower investment entry points and Meteora’s real estate portfolio, Meteora Developers Founder and CEO Praveen Sharma said. Maisour’s platform enables investments in Dubai properties starting at just AED 500.
Maisour has big plans: The firm plans to use Meteora’s support to fast-track expansion and introduce new features, such as a secondary market and AI-driven reinvestment strategies, the release said. Maisour is also eyeing expanding its digital fractional ownership model into Saudi Arabia, Egypt, India, and Pakistan.
