Dubai: Dubai-listed logistics company, Aramex, has acquired New Zealand-based Fastway Limited (Fastway Couriers) as it seeks to boost its eCommerce business, according to a statement on Thursday.
The deal, which is Aramex’s second acquisition in the Asia-Pacific region, involves a 100 per cent buyout of the company’s business in New Zealand and Australia for 125.277 million New Zealand dollars (approximately Dh293.650 million).
Established in 1983, Fastway Couriers’ global network includes 63 regional depots and 1,500 courier franchisees across Australia, New Zealand, Ireland, Northern Ireland and South Africa.
Asia-Pacific was the largest e-commerce market in the world this past year. Its total B2C e-commerce turnover reached $770 billion, as per the statement.
“This deal gives us significant opportunities to expand our e-commerce proposition and take advantage of the increasing demand for online shopping delivery solutions and small parcel delivery services in the Asia-Pacific. New Zealand and Australia are two of the most rapidly growing e-commerce markets in the region and by acquiring Fastway Couriers we can now serve more businesses and consumers shopping online,” Othman Aljeda, chief executive of Aramex Asia, said in a statement. In May last year, Aramex agreed to buy a 25 per cent stake in WS One Investment for Dh9 million.
Aramex shares were down 0.740 per cent to Dh2.70 on Thursday on the Dubai bourse.
