Dubai: Istithmar, the acquisitive UAE-based investment company, has bought Inchcape Shipping Services (ISS) in a deal reported to be worth $285 million (Dh1.04 billion).
Sources close to the company said Istithmar plan-ned to release full details of the acquisition today, following earlier media reports on the deal.
ISS is currently owned by UK investment vehicle Electra Investment Trust, a publicly listed entity whose shares are listed on the London Stock Exchange.
Electra is expected to receive up to $178.38 million of the purchase price in cash when the deal is completed at the end of January, according to reports from Reuters.
Inchcape Shipping Services is the world's largest private marine management services provider and has a strong presence in the UAE, with operations in Abu Dhabi, Dubai, Fujairah, Jebel Ali and Ras Al Khaimah.
The acquisition of ISS is likely to be seen as an astute move by Istithmar, whose executive chairman is Sultan Ahmad Bin Sulayem.
