Abu Dhabi's sovereign fund ADQ plans to launch takeover of courier firm Aramex

Abu Dhabi sovereign wealth fund ADQ plans to launch a cash takeover offer for Aramex , bidding for the shares it does not already own in the Dubai-listed courier firm, according to a bourse filing on Monday.

The offer will be launched through ADQ's unit Q Logistics Holding at a price of 3 dirhams ($0.8168) per share, a premium of 33% compared to Aramex's closing price on Thursday.

Aramex provides logistics and transportation services including domestic and international express delivery via road, air and sea, with operations in over 65 countries, according to its website.

ADQ was established in 2018 and has a broad portfolio of assets. It has invested heavily in transport and logistics as Abu Dhabi, which holds more than 90% of the UAE' oil reserves, speeds up efforts to diversify its economy.

The fund had $225 billion in assets under management at the end of June, according to a document seen by Reuters, and holds majority stakes in hub carrier Etihad Airways and Abu Dhabi Ports, which already owns a 22.7% stake in Aramex.

Q Logistics Holding said in a statement on Monday it believed that Aramex "has potential to play a central role" to help ADQ achieve objectives for the wider local economy.

It added, however, that the firm's recent results and financial performance required a "strategic and operational transformation," which it expected to be "complex, capital intensive and to take time."

As of Monday, "there are no arrangements entered into between Q Logistics Holding and Aramex", ADQ's unit said in the statement, without providing a timeline for the offer.

Rothschild is acting as Q Logistics Holding's financial adviser while Emirates NBD capital is the lead manager. ($1 = 3.6729 UAE dirham)

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