On Monday, Abu Dhabi Ports Group has announced the 100 percent acquisition of UAE-based top-side subsea solutions provider, Divetech Marine Engineering Services, which was fully funded by the former’s existing cash reserves.
Divetech, which offers services including installation, inspection, repair, and maintenance for ports and other maritime organizations, posted revenue of Dh87 million ($23.7m) and Ebitda of Dh20m in 2021.
The acquisition “represents an important strategic opportunity for growth” that will enable AD Ports to “integrate a dynamic company with a significant pipeline of potential new business”, said Capt Mohamed Al Shamisi, managing director and group chief executive of AD Ports Group.
“This acquisition also enables our maritime cluster to provide a fully holistic service offering that includes undersea inspection, maintenance, and repair.”
AD Ports Group, which made its debut on the Abu Dhabi Securities Exchange earlier this month, raised Dh4 billion from its share sale.
Its portfolio comprises 10 ports and terminals, and more than 550 square kilometres of economic zones within ZonesCorp and Khalifa Industrial Zone Abu Dhabi.
The company is looking to expand its operations and recently announced plans to develop one of the region’s largest food trading and logistics centres at Kizad to boost food security.
The project, being developed in partnership with the UAE’s Ghassan Aboud Group, is expected to be ready in 18 months and will provide a platform for importers and exporters of food as well as logistics companies to expand their businesses in the region.
In December, AD Ports Group signed an agreement with China’s Shandong Port Group to establish the region’s first tyre storage and distribution centre.
The acquisition of Divetech by AD Ports Group will extend the range of services offered by its maritime cluster, “placing it in a strong position to generate significant commercial, operational and financial synergies”, the statement said.
Furthermore, Capt. Maktoum Al Houqani, chief corporate authority officer and acting head of maritime cluster at AD Ports Group commented that the acquisition will provide a strong strategic fit for all their existing portfolio of services and plans for future growth.
