Aramex in talks to buy Turkey’s MNG Kargo

DUBAI. Dubai-listed courier Aramex, partly owned by Abu Dhabi state investor ADQ, is in advanced talks to buy Turkish delivery company MNG Kargo, three sources said.

The potential deal, which one of the sources familiar with the matter said could be worth as much as $500 million. One of the sources said the talks were at an advanced stage and a second said the pair were engaged in due diligence. “As a matter of course, we do not comment on rumour or speculation,” an Aramex spokesperson said. MNG Kargo declined to comment.

Aramex announced this week it has split its core businesses to capture growth in the post-Covid-19 transportation and logistics industry. As part of the reshuffle, it has created a new regional structure and appointed a chief strategy officer to head its international expansion and merger and acquisition plans.