Comment / AD Ports targets logistics with Noatum buy – hurrah?

ID 383866 © Kmitu | Dreamstime.com

AD Ports looks set to truly be on an M&A roll after announcing today that it has agreed to buy Spanish ports and logistics group Noatum Maritime, valuing it €660m in enterprise value (EV).

The total consideration is for a 100% ownership, and at AED2.5bn (€660m) it implies a last-twelve-months EV/Ebitda of 4.6x, pre-synergies.

The acquirer defined the deal as “value and earnings accretive”, without elaborating, stating that it “significantly broadens” its global footprint and “positions it among the leading logistics and ...