Aramex has announced that it is has reached a definitive and binding agreement for a subsidiary of Iron Mountain Incorporated (“Iron Mountain”), to acquire Information Fort (LLC) (“InfoFort”), a records and information management provider in the Middle East, North Africa and Turkey regions. Upon completion of the transaction, Aramex will cease to be a shareholder in InfoFort.
Aramex has stated that the disposal will strengthen its balance sheet and result in a more focused group, consistent with management’s long-term strategy to focus its operations on the core logistics solutions services.
The acquisition of InfoFort is subject to customary closing conditions, including applicable regulatory approvals. The company shall fully disclose the details of the transaction upon closing, which is expected in the third quarter of 2021.
Commenting on the sale, Bashar Obeid, Chief Executive Officer of Aramex, said: “Today’s sale of InfoFort is a major milestone for Aramex, which will allow the group to focus entirely on growing the group’s core logistics businesses globally.”
Source: Aramex
