The Abu Dhabi group AD Ports Group has bought the main operator of port facilities in Spain, Noatum, a former subsidiary of Dragados acquired more than a decade ago by JPMorgan, for 660 million euros. It is the company that is in charge of operating the cranes, moving the containers and managing the logistics platforms in the port terminals.
Noatum has 2,600 workers and has had strong growth for several years, both in Spain and abroad, where it reaches another 25 countries in different ways. It operates in the ports of Tarragona, Castellón, Sagunto, Málaga, Cartagena, A Coruña, Santander, Bilbao, Gijón, Avilés and Huelva. It invoices 1,800 million euros per year and has a gross operating profit (ebitda) of 145 million.
Abu Dhabi highlights the Spanish company's international projection and growth in recent years. It wants to make it a "leading global brand in international logistics" and merge its businesses with ADP Ports. The objective is to use the Spanish company to seek global leadership.
To develop this strategy, ADP Ports has embarked on acquisitions all over the world. In September it acquired the Egyptian companies Transmar and Transcargo International (TCI), and in November it bought 80% of the Dubai group Global Feeder Shipping (GFS).
Noatum is a company born in 1963 with three business areas, which are logistics, maritime and port terminals. The leadership is in Spain and Turkey, but it also has a significant presence in the United States, the United Kingdom, China and Southeast Asia. Their income is mainly in euros and dollars, which AD Ports values highly.
The operation is subject to the approval of the Spanish authorities. As the buyer is non-EU, he must obtain the approval of the Council of Ministers, in addition to that of the CNMC, due to the effect it may have on competition. AD Ports wants to close the operation in the first half of 2023, although it has been given three years to complete the integration.
