Dubai: Dubai-listed courier company Aramex, partly owned by Abu Dhabi state investor ADQ has confirmed it is in talks with Turkish delivery company MNG Kargo for potential acquisition of the Turkish firm.
In a notification to Dubai Financial Market (DFM), the stock exchange on which Aramex is listed, the company has confirmed that it is in talks with MNG Kargo.
These discussions are still in their early stages as the Company is conducting its initial evaluation.
Aramex, in which ADQ bought a 22.25 per cent stake last year, announced last week it has split its core businesses to capture growth in the post-COVID-19 transportation and logistics industry.
As part of the reshuffle, it has created a new regional structure and appointed a chief strategy officer to head its international expansion and merger and acquisition plans.
Established in 2003, MNG Kargo is one of the leading courier services companies in Turkey, owned by private equity firm Turkven and the Sancak family since 2017. The company has over 850 branches and more than 11,000 employees.
Due diligence
Aramex said the company’s final decision to acquire MNG Kargo is subject to satisfactory findings of the due diligence process, in addition to the company’s senior management and board of directors approval.
“We would also like to note that the total value of this transaction has not yet been determined or agreed upon at this early stage. In compliance with the rules and regulations of the Dubai Financial Market and the disclosure and transparency rules, we will disclose all updates related to this transaction as soon as they become available,” said Tarik Al-Jeda.
