AD Ports Group acquired PIF-owned Saudi Egyptian Investment Company’s entire 19.33% stake in Alexandria Container and Cargo Handling Company in a transaction valued at EGP 13.24 bn, the Abu Dhabi wealth fund ADQ-owned ports operator said in a statement (pdf) released on Thursday. The transfer of shares, which was funded with a mix of its own funds and debt, will take place today.

ADQ will now indirectly hold a combined 51.33% majority stake in the EGX-listed maritime logistics firm when taking into account its 32% indirect ownership through Alpha Oryx.

Alexandria Container and Cargo Handling operates two terminals in Alexandria and El Dekheila with a combined annual capacity of 1.5 mn TEUs, accounting for some 60% of Alexandria’s total container capacity. The company reported EGP 8.4 bn in revenue and EGP 6.1 bn in adjusted EBITDA last fiscal year.

AD Ports is no stranger to Egypt, and its interest in the country seems to be rising. Since 2022, AD Ports Group has ramped up its presence in Egypt, acquiring majority stakes from our multimodal logistics friends at Transmar and Transcargo International, as well as Safina Shipping Services. The Abu Dhabi-based giant is also expanding through new projects, securing long-term concessions for the USD 200 mn Safaga multipurpose terminal, developing three Red Sea cruise terminals, and signing a 50-year renewable agreement to operate Kezad East Port Said, a 20 sq km industrial and logistics hub at the Suez Canal.

Not the latest M&A action for Egyptian players: Damietta Container and Cargo Handling Company sold EGP 513.6 mn worth of shares to Commercial International Bank (CIB) back in August — equivalent to a 4.9% stake — through the block trade mechanism.

More could come: Port Said Container and Cargo Handling Company was included in the government’s list of 32 state-owned companies slated for privatization, with Egypt’s Financial Regulatory Authority reportedly reviewing the company’s fair value assessment back in 2023. It is still unclear whether the company will be offered in a direct acquisition agreement or through an IPO.

IN OTHER M&A WATCH NEWS-

Turkish Airlines to divest from Air Albania: Turkish flag carrier Turkish Airlines is selling off its entire stake in Air Albania, of which it owns 49%, according to a disclosure published last week. The timeline and value of the divestment were not disclosed.

On Air Albania: Cleared for take off in 2018, the Albanian flag carrier operates routes to 13 destinations, including Istanbul, Brussels, and London, as well as a shipping arm, according to its website. MDN Investments owns 41% of the Tirana-based carrier, with state-owned Albcontrol retaining the remaining 10%.

Turkish Airlines has a long-term strategy for Europe: The carrier is moving ahead with expansion plans that involve doubling the size of its fleet to 800 aircraft by 2033, and is “actively evaluating selective share acquisitions,” Chairman Ahmet Bolat told AGBI earlier this year. Dovetailing with this plan, the company made a formal bid to acquire a 25-27% stake in Spanish carrier Air Europa for some USD 300 mn. The transaction was accepted earlier this month — with regulatory approval now expected within six to 12 months.

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