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Dubai – UAE, Wednesday, 1 June 2022: Aramex PJSC (“Aramex”) (DFM: ARMX), a leading global provider of comprehensive logistics and transportation solutions, announced today that it is has entered into a binding agreement to fully acquire Access USA Shipping LLC (“MyUS”), a global technology-driven platform that enables cross-border e-Commerce, for a cash purchase price of USD $265 million, subject to customary adjustments.
MyUS is a leading, US-headquartered, technology-driven and cross-border e-Commerce platform, providing cost-effective package forwarding solutions to millions of customers who shop from retailers based in the US, UK and China. MyUS has cutting-edge proprietary software and scalable technology, industry-leading expertise gained over its 24 years of operations and a customer-centric business model that innovatively addresses the needs of shoppers worldwide.
The acquisition is in line with Aramex’s strategy to expand its cross-border operations and to capitalize on the attractive growth opportunities from a fast-growing USD $4 trillion global e-Commerce sector. The acquisition is expected to unlock several benefits for both entities, including operational synergies and improved efficiencies, shared technology platforms and the opportunity to service new markets.
Commenting on the acquisition, Othman Aljeda, Chief Executive Officer of Aramex, said: “We look forward to soon welcoming MyUS’s customers and employees to Aramex. MyUS’s business and expertise are a natural extension of our solutions, a complementary to our flagship product- Shop & Ship, and we see significant benefits to be derived from this acquisition. We believe this transaction will open new trade lanes for both companies, as well as increase trade flow from major global trade hubs into the Middle East, where Aramex is a leading player. We are acquiring a profitable business and this transaction is value accretive to Aramex and our shareholders. It will also create great value for our customers and partners.”
Ramesh Bulusu, Chief Executive Officer of MyUS, said: “We are very proud of our company and what we have built up over the past 24 years, maintaining a strong brand and loyal customer base. Aramex’s acquisition is a testament to our strength, future potential, and scale and success in growing our footprint in the attractive, fast growing and evolving global e-Commerce business. The investment we have made in the company throughout the years, and our successful focus on providing innovative cross-border e-Commerce solutions have resulted in significant growth for our business and brand. This acquisition allows our customers and business partners to benefit from Aramex’s global network, international expertise and scale, while still being able to enjoy our personalized, tailored solutions. We are confident that under Aramex’s stewardship, MyUS will continue to grow and flourish.”
The acquisition of MyUS is subject to customary closing conditions, including applicable regulatory approvals. Aramex will fully disclose the details of the transaction upon closing, which is expected in the third quarter of 2022.