By Staff writer
Logistics giant says acquisition of Fastway Ltd will boost its footprint in fast-growing Asia Pacific region
Dubai-based logistics giant Aramex has announced the acquisition of Fastway Limited, a courier service provider headquartered in New Zealand in a deal worth NZ$125.3 million ($80.5 million).
The deal is Aramex's second acquisition in the Asia-Pacific region to date and involves a 100 percent buyout of the company's business in New Zealand and Australia, it said in a statement.
Established in New Zealand in 1983, Fastway Couriers' global network includes 63 regional depots and 1,500 courier franchisees across Australia, New Zealand, Ireland, Northern Ireland and South Africa.
With more than 250 franchise partners across New Zealand alone, the company transports 16 million parcels globally to 75,000 customers each year.
Hussein Hachem, CEO of Aramex said: "We are excited to add Fastway Couriers to Aramex's global network. The company has a strongly performing business, a well-recognised brand, a leadership position in the Asia-Pacific market, an excellent management team and large global customer base.
"Following our recent deals in Thailand and Australia last year, acquiring Fastway Couriers is the next logical, strategic move for us."
Othman Aljeda, CEO of Aramex Asia, added: "New Zealand and Australia are two of the most rapidly growing e-commerce markets in the region and by acquiring Fastway Couriers we can now serve more businesses and consumers shopping online."
This move further deepens Aramex's operations across the Asia-Pacific region, which was the largest e-commerce market in the world last year with total B2C e-commerce turnover reaching $770 billion, higher than Europe and North America.
The acquisition builds on Aramex's owned operations in Singapore, Malaysia, Indonesia, Hong Kong, China and Australia.