L’imad Acquires AD Ports Stake from Al Seer Marine for $632M

Abu Dhabi sovereign investor L’imad Holding Company has increased its ownership in AD Ports Group after completing a cash transaction with minority shareholder Al Seer Marine Supplies and Equipment Company (ASM).

The deal was completed at AED 6.25 per AD Ports share, in line with L’imad’s voluntary cash offer for shares it does not already own through its subsidiary ADQ. L’imad had offered the same price to other minority shareholders as part of its move towards full ownership of the ports and logistics group.

ADQ, which operates as L’imad’s wholly owned subsidiary, already held around 75.42% of AD Ports Group before the offer. L’imad announced in August that it intended to acquire up to the remaining shares, potentially taking its holding to 100%.

The AED 6.25 offer represented a 23% premium to AD Ports’ closing share price of AED 5.10 on August 14, as well as premiums of 25% and 31% to the company’s one-month and three-month volume-weighted average prices, respectively.

Al Seer Marine’s exit comes as L’imad moves to consolidate ownership of AD Ports Group. The tender offer for the remaining minority shares closed on September 15, with the final acceptance results expected to determine how close L’imad comes to securing full ownership of the company.