AD Ports Group has finalized its acquisition of Spain-based logistics outfit Noatum after receiving the regulatory greenlight, according to a company statement. The 100% acquisition, which has received final approval from Spanish authorities, is valued at EUR 660 mn, according to the statement and was first revealed in an announcement in November 2022. The European Commission gave its clearance on the move earlier in the year.

What’s next:Steps to consolidate Noatum within AD Ports Group kicked off following the signing on 30 June, the announcement added. Noatum will assume leadership of AD Ports Group’s Logistics cluster, bringing with it a team of 2.8k professionals and a bank of services, experience, and capabilities.

Some of the benefits: Noatum’s operations in 26 countries throughout the world promise a slew of advantages in terms of growth and scalability, Noatum CEO Antonio Campoy said. The arrangement will also bring about a number of synergies in terms of revenue enhancement, cost savings, purchasing, best practices, technology, and expertise, according to the statement.

About Noatum: The firm describes itself as one of the world’s top 50 freight forwarders, and has a comprehensive network of 143 international offices. It specializes in supply chain and freight management, contract logistics, project logistics, eSolutions, and customs and clearance, according to the company website. Its operations in ports include bulk, container, reefer, ro-ro and multi-purpose terminal operations spanning 16 ports in Spain and the UAE, alongside dedicated depots and warehouses, the statement said.

Noatum has had a good year:The Spanish logistics outfit had performed in line with expectations following the announcement of the planned acquisition, raking in EUR 1.6 bn in revenues over the past twelve months, according to the statement.