Aramex buys an e-commerce company for $ 265 million

On Wednesday Aramex Shipping, listed in Dubai, said it had bought the e-commerce company MyUS based in Florida for $ 265 million.

The holding, one of Abu Dhabi’s sovereign wealth funds, owns 22.32% of Aramex, which was transferred to holding Abu Dhabi Ports in January. Abu Dhabi Ports first appeared on the stock market in February, raising four billion dirhams ($ 1.09 billion).

“As a result of the acquisition, MyUS will be fully integrated into the business of Aramex, “said Aramex in one note, and will operate as a unit in the freight industry.

He added that MyUS will retain its branding and “integrate Shop and Ship, Aramex’s subscription-based e-commerce solutions platform.”

Aramex said the acquisition will help it grow its cross-border express business by growing and diversifying its customer base and expanding coverage.

He explained that MyUS achieved $ 100 million in revenue in 2021 and has approximately 180,000 active customers.

“Our shareholders will see an immediate impact on performance financial and, in the long run, we can unlock more value through cost and operational collaboration, ”Aramex CEO Othman Al-Jada said in the statement.

Ramesh Poluso, CEO of MyUS, said in the same statement that the company will move its services in new markets by leveraging “Aramex’s extensive global network … in markets with highly interesting characteristics such as the Middle East and North Africa, the United Kingdom and Australia. “.

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