ADQ clears all conditions for AD Ports offer, with settlement set for September 25

Abu Dhabi Developmental Holding Company (ADQ) confirmed on Tuesday that every condition attached to its voluntary conditional cash offer for up to 100 percent of Abu Dhabi Ports Company has been satisfied.

AD Ports said in a disclosure to the Abu Dhabi Securities Exchange that it had received a letter from ADQ confirming completion of the conditions set out in the offer document dated August 18, 2026.

Settlement and the resulting stake

ADQ is buying the AD Ports shares it does not already hold at AED6.25 each. Settlement — payment of the offer price together with transfer of the acquired shares — is scheduled for Friday, September 25, 2026. When that is complete, ADQ's ownership is expected to reach 98.93 percent of the ports company's share capital.

The bid runs through ADQ, a wholly owned subsidiary of L'IMAD, the Abu Dhabi sovereign investor. Earlier this month L'IMAD said its holding in AD Ports Group would rise above 98.5 percent from 75.4 percent once the voluntary tender offer concluded. The statutory window closed on September 15, 2026, after the August 18 submission. Under the earlier timetable, payment of consideration to shareholders and registration of the shares in ADQ's name were to be finished no later than October 9, 2026.

What the offer covers

The tender covered up to 1,251,248,000 AD Ports shares, roughly 24.58 percent of issued share capital that ADQ did not already own. At AED6.25 ($1.70) per share, acquiring the entire remaining stake would require maximum cash consideration of about AED7.82 billion ($2.13 billion). That price implies an equity valuation of some AED31.8 billion for the whole company, calculated on AD Ports Group's 5.09 billion outstanding shares.

L'IMAD announced its intention to launch the offer on August 17, and the formal offer opened the following day. On September 8 the investor said it had cleared the key conditions for the purchase of the remaining shares.

Inside the ports and logistics platform

AD Ports Group forms part of L'IMAD's Ports & Logistics platform, alongside assets including Etihad Rail and Aramex. Through the platform, the sovereign investor is funding UAE connectivity infrastructure: a major industrial free zone at KEZAD developed in partnership with AD Ports Group, and Etihad Rail's construction of the region's first railroad network.

Once the shares are paid for and registered in ADQ's name, a little over 1 percent of AD Ports will remain outside the sovereign investor's control.