AD Ports Group Expands Spanish Operations with €10 Million Acquisition
In a recent announcement, the Abu Dhabi-based AD Ports Group revealed that its subsidiary in Spain, Noatum Terminals, has successfully acquired APM Terminals Castellón.
The transaction, valued at €10 million (approximately $10.95 million), marks a significant expansion for the company in Spain's port sector.
According to AD Ports' statement released on Tuesday, all necessary regulatory clearances and stakeholder approvals for the acquisition from APM Terminals have been secured.
Consequently, the transition of ownership is set to be executed immediately.
This strategic acquisition aligns with Noatum Terminals' overarching goal to strengthen its foothold as a leading multipurpose port operator within Spain.
Furthermore, the move is anticipated to amplify the logistic firm's terminal capacity significantly.
It's worth noting that Noatum Terminals operates under the broader umbrella of the Noatum Group. AD Ports Group had previously acquired complete ownership of the Noatum Group last year in a landmark deal valued at €660 million.
Detailing the expanded capabilities post-acquisition, the statement highlighted, "Following this acquisition, Noatum Terminals' combined space at Castellón spans 250,000m2 with an annual handling capacity of 250,000 TEUs. This accounts for an impressive 70% of the container volume capacity at the Port of Castellón."
Furthermore, the statement elaborated on the enhanced facilities: "The two terminals boast the capability to manage 2 million tonnes of bulk cargo, including services for RoRo (roll-on, roll-off ships). Additionally, with direct rail connections to the hinterland, these terminals are strategically positioned to cater to the Mediterranean, Middle East, and North Africa regions. This positioning reinforces the port's competitive edge, enabling it to attract higher volumes and effectively serve diverse industry sectors."
Cleofe Maceda / Zawya