2023-11-03 04:50:55

Abu Dhabi Ports Buys Dubai Shipping Firm Stake for $800 Million

Bloomberg

By Omar Tamo

Abu Dhabi Ports Co., which operates 10 ports and terminals in the United Arab Emirates, agreed to buy a controlling stake in Dubai-based Global Feeder Shipping for $800 million as part of plans to scale up its operations.

The port operator, controlled by sovereign wealth fund ADQ, will acquire an 80% stake in container shipping company GFS, according to a statement. The transaction is fully funded through a loan and GFS’s existing management will remain in place with the founders retaining a 20% stake.

#dhabi #abu #existingmanagement #controllingstake #feeder

Continue read on bloomberg.com

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