Acquisition of 51% stake of Meridian Transportes Maritimos S.A. by The Adani Harbour International FZCO, a step down subsidiary of the Company.
ADANIPORTS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Adani Ports' step-down subsidiary, The Adani Harbour International FZCO (TAHID), has signed an agreement to acquire a 51% stake in Meridian Transportes Maritimos S.A., an Argentine maritime company, for USD 444.49 in cash. The target company was incorporated in September 2023 and provides maritime transport and nautical services. It holds a contract with Southern Energy S.A. for operating six vessels for 10 years. Additionally, TAHID will sell a 20% stake in a UAE-registered vessel ownership company to an affiliate of the sellers. The transaction is expected to complete within 4 months and requires no regulatory approvals. This is not a related party transaction.
This acquisition enables Adani Ports to establish a joint venture for nautical services in Argentina, expanding its maritime operations into South America. The deal size is relatively small at under USD 500, suggesting a strategic entry rather than a transformative acquisition.