L’IMAD Eyes Full AD Ports Group Ownership in $8.6B Deal

Abu Dhabi's sovereign investment powerhouse, L’IMAD Holding Company PJSC, is making a significant move to consolidate ownership of AD Ports Group. Through its subsidiary, Abu Dhabi Developmental Holding Company PJSC (ADQ), L’IMAD has initiated a conditional cash offer aimed at acquiring all outstanding shares not currently held by ADQ. This strategic maneuver signals a deeper integration of the port operator within the emirate's broader economic development strategy.

The proposed acquisition values AD Ports Group at approximately $8.6 billion (AED 31.2 billion). The offer price of AED 6.25 per share represents a substantial premium, standing 23 percent above the company's last closing price of AED 5.10 on August 14, 2026. This valuation also reflects a 25 percent premium over the one-month volume-weighted average price and a 31 percent premium over the three-month average, underscoring the attractive terms presented to minority shareholders. Since its public debut on the Abu Dhabi Securities Exchange in February 2022 at AED 3.20 per share, the offer signifies a nearly 95 percent uplift.

L’IMAD articulated that the pursuit of full ownership stems from AD Ports Group's critical role in Abu Dhabi's economic resilience and long-term growth trajectory. The sovereign investor highlighted the substantial, capital-intensive investments required for infrastructure development and expansion. These long-term capital needs, potentially involving additional equity or increased leverage, may not always align with the shorter-term return expectations typically sought by public market investors. Furthermore, recent transactions could impact the company's capacity for dividend distribution, potentially affecting near-to-medium term shareholder returns.

Gaining complete control would grant AD Ports Group enhanced flexibility to execute ambitious, long-term capital investment programs, pursue strategic acquisitions, and undertake operational transformations without the constraints imposed by public market pressures or immediate funding demands. For existing minority shareholders, the offer presents a compelling opportunity to realize immediate value at a significant premium, mitigating potential liquidity challenges and market-driven discounts associated with divesting large stakes.

The transaction remains subject to a comprehensive list of conditions, including obtaining necessary governmental, corporate, regulatory, and statutory approvals, such as the final approval of the offer document from the relevant capital-market authority. Antitrust and foreign-direct-investment clearances, both within and beyond the UAE, are also prerequisites. ADQ must also successfully complete its due diligence on AD Ports Group and secure any required third-party consents identified during this process. The offer is contingent upon the board of directors of AD Ports Group recommending the offer without subsequent withdrawal and the absence of any material adverse effects prior to the transaction's finalization.

This proposed full acquisition follows a period of significant restructuring within Abu Dhabi's sovereign investment framework, with major changes implemented in early 2026. The move by L’IMAD, acting through ADQ, underscores a strategic vision to optimize and integrate key state-owned assets for sustained economic development and global competitiveness in the vital transport and logistics sector.