Comment / M&A radar: AD Ports embarks on Egyptian odyssey

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The newly stock market-listed AD Ports Group has completed its first international acquisition, with the purchase of a 70% equity stake in Egypt-based International Associated Cargo Carrier, giving it effective control over Middle East feeder line Transmar and local port operator Transcargo International (TCI).

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The purchase price was AED514m ($140m), spurred by the opportunity for AD Ports to grow its shipping operations and expand its port presence to Egypt.

AD Ports said that “Transmar and TCI are on track to deliver ...