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Abu Dhabi-backed ADQ acquires 22% of courier Aramex

FILE PHOTO: A delivery staff member wearing a protective mask unloads parcels from a vehicle outside Aramex office amid the coronavirus disease (COVID-19) crisis, in Bethlehem in the Israeli-occupied West Bank July 19, 2020. REUTERS/Mussa Qawasma

DUBAI (Reuters) - Abu Dhabi-backed holding company ADQ said on Thursday it has acquired about a 22% stake in Dubai-based courier Aramex ARMX.DU, making it the company's biggest shareholder.

The purchase was executed through a series of on-market transactions and an off-market special deal, ADQ said in a statement.

“Aramex is a global leader in logistics and transportation, and will complement our logistics investments... as we work to expand the logistics ecosystem in the UAE,” Murtaza Hussain, ADQ’s Acting Chief Investment Officer for M&A and alternative investments, said.

ADQ, which was established in 2018, owns strategic assets such as Abu Dhabi Ports, Abu Dhabi Airport and bourse operator ADX.

The group has also been buying assets in the commodities and agriculture sectors, including General Holding Corporation PJSC (Senaat), which has subsidiaries trading in agri-food and industrial assets.

Reporting by Saeed Azhar; Editing by Jan Harvey

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