Abu Dhabi’s sovereign investment vehicle L’imad has cleared all key conditions required to proceed with its voluntary cash offer to acquire up to 100 per cent of AD Ports Group.
ADQ, a wholly owned subsidiary of L’imad, is offering Dh6.25 ($1.70) per share for AD Ports shares it does not already own. L’imad, through ADQ, already owns 75.42 per cent of the company and launched a voluntary tender offer on August 18 to acquire the remaining issued and paid-up share capital.
AD Ports said on Tuesday that it had received notification and confirmation from ADQ that, apart from customary notifications to the UAE Capital Market Authority and Abu Dhabi Securities Exchange, all other conditions of the offer had been met.
The settlement is expected to take place “no later than October 9, 2026”, AD Ports said in a bourse filing.
The transaction would give L’imad full ownership of the ports and logistics group, and also allow AD Ports to pursue long-term objectives including investments and acquisitions more effectively without the funding constraints or short-term return expectations of public markets.
AD Ports, which operates about 40 terminals in the UAE and has a presence in nearly 50 markets globally, appointed HSBC Bank Middle East as its independent financial adviser on August 21 after L’imad announced its intention to acquire the company.
L’imad said at the time that the offer gave shareholders “an attractive opportunity to realise certain and immediate value”, while allowing AD Ports to pursue long-term growth, including acquisitions, without the constraints of a public listing.
The offer is the latest move by L’imad to consolidate strategic assets in Abu Dhabi as it builds a portfolio spanning energy and utilities, ports and logistics, aviation, urban development and industrial sectors.
The sovereign fund was set up last year and is expanding its portfolio. In July, Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, approved L’imad’s investment and operational framework for strategic sectors.
Last month, L’imad completed its acquisition of the remaining shares in Abu Dhabi National Energy Company, known as Taqa, through its subsidiary Abu Dhabi Power Corporation, taking its stake to 100 per cent from 98.12 per cent. Taqa is now awaiting regulatory approval to delist from the ADX.
L’imad also owns a significant stake in Abu Dhabi real estate developer Modon Holding.
Meanwhile, AD Ports Group reported an 86 per cent annual rise in its second-quarter net profit as the company managed to diversify its trade routes away from the Strait of Hormuz, which remains blocked amid the Iran war. Net profit attributable to the owners of the company for the three-month period reached Dh596.7 million.
