Abu Dhabi Ports Company PJSC (ADX:ADPORTS) signed an agreement to acquire 80% stake in Global Feeder Shipping LLC for AED 2.9 billion on November 2, 2022. GFS's existing management will remain in place with the founders retaining a 20% stake in the company. The transaction is fully funded through new acquisition loan.

GFS' LTM financial performance was strong with revenue of AED 3,985.64 million, EBITDA of AED 1,913.84 million (EBITDA Margin of 48%) and Net Profit of AED1,766.91 million, implying an EV/EBITDA of 1.9x for the transaction. Subject to regulatory approvals, the transaction is expected to close in Q1 2023. Citi acted as the financial advisor and Ibrahim Mubaydeen and Stuart Nicholas of A&O as the legal advisor while Roland Berger completed the commercial due diligence and KPMG the financial and tax due diligence for AD Ports Group in this transaction.