Dubai-listed courier firm Aramex said on Wednesday it had bought Florida-based e-commerce company Access USA Shipping LLC (MyUS) for about $265 million in an all-cash deal, Trend reports with reference to Reuters.
Abu Dhabi sovereign wealth fund ADQ holds a 22.32% stake in Aramex, transferred to ADQ-owned Abu Dhabi Ports in January. Abu Dhabi Ports made its stock market debut in February, raising 4 billion dirhams ($1.09 billion).
"As a result of this acquisition, MyUS will be fully integrated into Aramex's business", operating as a unit of its courier segment, Aramex said in a statement.
It said MyUS will retain its brand and "be complementary to Shop & Ship, Aramex's subscription-based last mile e-commerce solutions platform".
Aramex said the announced purchase price is subject to "customary adjustments", without giving further details.
The takeover will help Aramex grow its cross-border express business by growing and diversifying its customer base and expanding coverage, it said.
Aramex said MyUS made $100 million in revenue in 2021 and has about 180,000 active customers.
"Our shareholders will immediately see the impact on financial performance, and over the long term we can unlock further value through operational and cost synergies," Aramex Chief Executive Othman Aljeda said in the statement.
MyUS CEO Ramesh Bulusu said in the same statement the company would take its services to new markets by leveraging "Aramex's extensive global network... in markets exhibiting very attractive characteristics such as the MENA region, the UK and Australia."
Citi was financial adviser and Cravath, Swaine & Moore legal adviser to Aramex. UBS was financial adviser and King & Spalding legal adviser to all sellers, including an affiliate of Palm Beach Capital, a Florida-based private equity firm, Aramex said.