UAE’s Aramex confirms talks to buy Turkish courier service MNG
Dubai-listed logistics and courier company Aramex on Sunday confirmed that it was in talks to buy Turkish delivery company MNG Kargo, Reuters reported.
Aramex, which is partly owned by Abu Dhabi state investor ADQ, confirmed a Reuters report last week by stating that it had ‘’recently entered into discussions with the shareholders of MNG Kargo for a potential acquisition,’’ the agency said.
Reuters had reported that the potential deal between Aramex and Turkey’s leading courier services could be worth as much as $500 million, citing sources familiar with the matter.
The report arrives amid a thaw in relations between the countries, which have been affected by a string of regional tensions, including the conflict in Libya and Syria, where the regional rivals have backed opposing sides.
Founded in 2003, MNG Kargo has since 2017 been owned by private equity firm Türkven and the Sancak family, known for their ties to the government of President Recep Tayyip Erdoğan.
MNG maintains over 850 branches, 11,000 employees and 3,500 land vehicles.