Dubai: Dubai-based delivery services firm Aramex has struck a deal to acquire Access USA Shipping (MyUS) - an e-commerce platform - for $265 million.
MyUS provides cost-effective package forwarding solutions to millions of customers who shop from retailers based in the US, UK, and China.
Aramex said the acquisition is in line with its strategy to expand cross-border operations and to capitalize on the attractive growth opportunities from a fast-growing $4 trillion global e-commerce sector.
The acquisition is expected to unlock several benefits for both entities, including operational synergies and improved efficiencies, shared technology platforms and the opportunity to service new markets, said Aramex.
“The company’s business and expertise are a natural extension of our solutions, a complementary to our flagship product- Shop & Ship, and we see significant benefits to be derived from this acquisition,” said Othman Aljeda, CEO of Aramex.
“We believe this transaction will open new trade lanes for both companies, as well as increase trade flow from major global trade hubs into the Middle East, where Aramex is a leading player. We are acquiring a profitable business and this transaction is value accretive to Aramex and our shareholders. It will also create great value for our customers and partners,” said Aljeda.
The acquisition of MyUS is subject to customary closing conditions, including applicable regulatory approvals. Aramex will fully disclose the details of the transaction upon closing, which is expected in the third quarter of 2022.
“Aramex’s acquisition is a testament to our strength, future potential, and scale and success in growing our footprint in the attractive, fast-growing and evolving global ecommerce business,” said Ramesh Bulusu, CEO of MyUS.
