Dubai Taxi Company is to acquire National Taxi for Dh1.45 billion ($394.8 million), a move that will boost its strategy to widen its market reach across the emirates, including Abu Dhabi.
The 100 per cent takeover of National Taxi, which is to be funded through debt facilities, will add about 2,700 vehicles to DTC's fleet across Abu Dhabi, Dubai and Al Ain, DTC said on Wednesday in a filing to the Dubai Financial Market, where its shares trade.
"This acquisition represents an important strategic milestone for DTC, strengthening our leadership position in Dubai, while establishing a meaningful presence in Abu Dhabi," DTC group chairman Abdul Muhsen Kalbat said.
More to follow ...
