L'IMAD launches tender offer to acquire full ownership of AD Ports Group

L'IMAD launches tender offer to acquire full ownership of AD Ports Group

L'IMAD, the sovereign investment platform of the Government of Abu Dhabi chaired by Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, has launched a voluntary tender offer to acquire complete ownership of AD Ports Group through its wholly owned subsidiary Abu Dhabi Developmental Holding Company PJSC, or ADQ.

The offer, which opened on August 18 and runs until 3 pm on September 15, 2026, proposes to acquire up to 100% of the remaining shares at Dh6.25 per share. L'IMAD currently controls 75.42% of AD Ports through ADQ.

Strategic consolidation by sovereign investor

L'IMAD was established in 2025 as Abu Dhabi's sovereign investment platform with an estimated $263-300 billion in assets following the January 2026 consolidation of ADQ's portfolio. The sovereign investor focuses on infrastructure and real estate, financial services, asset and investment management, advanced industries and technology, and urban mobility and smart cities.

The tender offer follows L'IMAD's announcement on August 17 of its intention to make the voluntary conditional cash offer. At the time of that announcement, the Dh6.25 offer price represented a 23% premium to the last closing price, a 25% premium to the one-month volume-weighted average price, and a 31% premium to the three-month volume-weighted average price.

Significant returns for IPO investors

The offer price would deliver substantial gains to early investors. AD Ports Group, founded in 2006, completed its initial public offering on the Abu Dhabi Securities Exchange in February 2022 at Dh3.20 per share, raising Dh4 billion. At the current offer price of Dh6.25, original IPO participants would receive a 95% cash return on their investment.

The company has demonstrated strong financial performance since going public. AD Ports reported 2021 revenues of Dh3.9 billion with net profit of Dh845 million ahead of its listing. By 2024, the group had achieved record revenue of Dh20.77 billion, up 20% year-over-year, with total net profit of Dh2.07 billion, representing 16% growth.

Global ports and logistics operator

AD Ports Group operates across five business clusters covering Ports, Economic Cities & Free Zones, Logistics, Maritime & Shipping, and Digital. The company maintains a presence in over 40 countries with 34 terminals worldwide, positioning it as a significant player in global trade infrastructure.

Regulatory process underway

AD Ports confirmed it received the formal offer document from ADQ on August 18, setting out the terms and further details of the offer. The company's Board of Directors will convene on August 21 to review the offer, among other matters.

Further announcements are expected to follow, including publication of the offeree circular in accordance with the applicable acquisition and merger rules. The tender offer process operates under the UAE's takeover regime, which was codified in August 2017 through Resolution No. (18/RM) of 2017, establishing formal rules for mergers and acquisitions of public shareholding companies.

The offer period may be extended beyond the September 15 deadline at the discretion of the offeror.