UAE Based Company Wants to Acquire MNG Cargo

The UAE-based company wants to acquire MNG Cargo. Aramex is in negotiations to purchase MNG Cargo.

According to Reuters' news based on three sources, United Arab Emirates-based Aramex has reached an advanced stage in negotiations to acquire MNG Cargo. A source said the deal could be worth up to $500 million. One source stated that the talks between two companies are at an advanced stage, while another source stated that the two companies are in the "due diligence" phase of the negotiations. While MNG Cargo did not comment to Reuters, Aramex said, "We do not comment on rumor or speculation." Aramex, which has been bought by ADQ by 22.25 percent last year, announced this week that it is splitting its core business to capture growth in the transportation and logistics sector after the coronavirus outbreak. Following the restructuring, the company established a new regional structure and appointed a senior executive responsible for strategy to manage its international growth, merger and acquisition plans. Founded in 2003, MNG Cargo has more than 850 branches and more than 11,000 employees in Turkey. The venture capital firm Turkven and the Sancak family bought MNG Cargo in 2017.