Third acquisition of the year for UAE logistics firm
UAE-based logistics company Aramex has completed the acquisition of South Africa’s Berco Express, a logistics and transportation company for $55.5m.
“Aramex, has, for some time now, viewed South Africa as a highly attractive market with a business-friendly environment and significant growth prospects. Our acquisition of Berco Express will introduce exciting growth and development opportunities for us in Africa,” says Fadi Ghandour, founder and chief executive officer of Aramex.
The company posted the announcement on the Dubai Financial Market (DFM) website.
This recent acquisition falls under Aramex’s strategy to expand to emerging markets. It follows the company’s foray into China with the establishment of a joint venture with China’s Sinotrans Air Transportation Developments Company (Sinoair) in November.
Aramex also acquired Oneworld Courier and In-Time Couriers in Kenya in the first quarter of 2011.
Aramex was established in 1982 and is listed on the DFM.
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