Dubai logistics firm Aramex completes InfoFort stake sell to Iron Mountain of US

Dubai: The Dubai logistics company Aramex is driving ahead with its acquisitions - and selloffs. It has signed a deal that sees it sell Information Fort (or InfoFort, as it is popularly known), a leading records and information storage provider in the region. US-based Iron Mountain Document Storage Service has bought the stake in InfoFort, which has operations based out out of Jebel Ali Free Zone.

The only gap that remains on the deal is in Algeria, where Aramex and Iron Mountain await approval of the relevant authority. It was in February that Aramex confirmed it is pursuing the deal.

Cash proceeds receivable by the Dubai company from the deal will “amount to approximately $91 million. The financial impact of the transaction will be reflected from the end of the third quarter itself.

Early this month, Reuters reported that Aramex, part-owned by Abu Dhabi's ADQ, is in advanced talks to buy Turkish delivery company MNG Kargo.