DUBAI : Aramex, the Middle East’s biggest courier company, entered a binding agreement to fully acquire Florida-based MyUS for a cash price of $265 million, as part of its strategy to grow its e-commerce operations.
The deal, which is subject to closing conditions, will provide benefits for both parties including operational synergies, improved efficiencies, shared technology platforms and the opportunity to serve new markets, Aramex said in a statement on Wednesday.
“We believe this transaction will open new trade lanes for both companies, as well as increase trade flow from major global trade hubs into the Middle East, where Aramex is a leading player,” said Othman Aljeda, Chief Executive of Aramex.
“We are acquiring a profitable business and this transaction is value accretive to Aramex and our shareholders.”
Courier companies such as Aramex benefited strongly from a surge in demand for logistics and freight-forwarding services during the Covid-19 pandemic as e-commerce picked up. Aramex reported a 3 per cent annual rise in net profit on higher revenue and improving global operations. Net profit for the three-month period through to the end of March rose to Dh47 million ($12.8m)