September 13 (SeeNews) - UAE-based logistics firm Aramex (DFM:ARMX), which is backed by Abu Dhabi’s sovereign wealth fund ADQ, said it has recently started discussions about a possible takeover of Turkish delivery company MNG Kargo.
Talks are at an early stage and a final decision on a deal hinges on completion of due diligence, as well as an approval by the company’s leadership and board of directors, Aramex said in a statement published Sunday.
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The parties have not determined the terms of the potential tie-up yet, the suitor noted, adding that further disclosures will be made as soon as available.
MNG Kargo was set up in 2003. The company has more than 850 branches and more than 12,000 employees. It is owned by local private equity firm Turkven and the Sancak family since 2017, according to its website.
Established in 1982, Aramex offers express delivery and logistics services to the Middle East and other emerging economies. It operates in more than 600 cities across more than 60 countries, employing over 17,000 people.
Shares in the Dubai-listed company were trading 1.30% higher at 3.89 as at 10:389 GST on Monday. The company's market capitalisation stands at 5.69 billion UAE dirhams, according to data of the local stock exchange.
($ = 0.8486 euro)