Logistics firm Aramex acquires New Zealand’s Fastway Limited
Eyeing the fast growing e-commerce market, the region’s leading logistics firm, Aramex, has acquired Zealand- based Fastway Limited (Fastway Couriers), according to a statement filed to the Dubai stock exchange.
This is Aramex’s second acquisition in the Asia-Pacific region since its inception in 1982.
The deal involves a 100 per cent buyout of the company’s business in New Zealand and Australia for nearly AED294 million.
Beginning as a two-van courier company in Napier in 1983, Fastway Couriers now has 63 regional depots and 1,500 courier franchisees across Australia, New Zealand, Ireland, Northern Ireland and South Africa.
The firm has a turnover of $500m a year, including franchise operations.
Hussein Hachem, CEO of Aramex said the acquisition was the next logical and strategic move for the company after the takeover of businesses in Thailand and Australia last year.
Aramex currently employs more than 13,900 people in 354 locations across 60 countries.
“Having scalable synergies with our own infrastructure and extending our reach across the region, the acquisition now makes us present in New Zealand for the first time and strengthens our existing operations in Australia. Enhancing and expanding our operations in the region also allows us to further contribute to the development of Asia-Pacific’s e-commerce sector and facilitate cross-border trade,” adds Hachem.
“The investment we have made in the company and our successful focus on providing low costs, optimal delivery times and extending our reach globally has resulted in significant growth for our business and brand. This acquisition allows our customers to benefit from Aramex’s global network, international expertise and scale, while still being able to enjoy our personalised, tailored services,” remarks Bruce Speers, Group Managing Director of Fastway Limited.
Shares of Aramex, however, dropped 2.21 per cent on Dubai Financial market during midday trade.
($1 = AED3.67, at the time of publishing)