Abu Dhabi Ports Group announced Friday reaching an agreement to acquire a 70% equity stake in International Associated Cargo Carrier BV, which wholly owns two Egypt-based maritime companies, Transmar International Shipping Company and Transcargo International (TCI).
The total purchase consideration (Enterprise Value) of this transaction amounts to AED514 million ($140 million).
The acquisition will be fully funded from AD Ports Group's existing cash reserves, which stood at over AED3 billion ($816 million) as of March 31.
