Aramex, listed on the Dubai Financial Market, has signed a final and binding agreement with a subsidiary of Iron Mountain Incorporated, which specializes in information management services based in the United States , To acquire the entire stake of Aramex in Citadel Information Company (InfoFort), the leading provider of records and information management services in the Middle East, North Africa and Turkey.
According to Arabia Net, this exit deal will contribute to strengthening Aramex's balance sheet, and is in line with its long-term strategy to continue focusing its operations on basic services and logistics solutions, according to It was mentioned by the company in a statement.
This exit and acquisition transaction is subject to the fulfillment of a number of conditions agreed between the parties, including obtaining the necessary approvals from the relevant regulators. The company will disclose full details upon completion of the deal, which is expected during the third quarter of this year 2021.
Aramex CEO Bashar Obaid said: The sale of InfoFort today is a milestone in Aramex's journey, as it will allow the group to fully focus on growing its core logistics business globally. . We are pleased that Iron Mountain has recognized the strength and position of InfoFort as a market leader in the region, as well as its future potential. We are confident that under the supervision of the Iron Mountain team, InfoFort will continue its growth, leadership and leadership in this sector in the region.
