The UAEs Aramex has acquired New Zealands Fastway Limited, a move aimed at enhancing Dubai-listed transportation and logistics firms footprint in Asia-Pacific region.
Aramex bought 100 per cent of the Fastways business in New Zealand and Australia for approximately AED293.65m ($$80m), it said in a statement to Dubai Financial Market, without elaborating how it will fund the acquisition.
This is the second acquisition by Aramex in the Asia-Pacific region, which was the largest e-commerce market in the world in 2015. The regions total business-to-consumers e-commerce turnover reached $770bn, higher than Europe and North America. With 44 per cent growth rate, the market is expanding much faster than 14 per cent for Europe and 12 per cent for North America, respectively.
Following our recent deals in Thailand and Australia last year, acquiring Fastway is the next logical, strategic move for us, Aramex chief executive Hussein Hachem said in the statement.
Established in New Zealand in 1983, Fastways global network includes 63 regional depots and 1,500 courier franchisees across Australia, New Zealand, Ireland, Northern Ireland and South Africa.