To help Aramex focus more on core logistics operations
DUBAI/February 05-2021: Aramex has reached a definitive and binding agreement to sell its subsidiary Information Fort (InfoFort) to Iron Mountain Incorporated (Iron Mountain), the US based global leader of information management services.
Once the deal is through, Aramex will cease to be a shareholder in InfoFort, a leading records and information management provider in the Middle East, North Africa and Turkey regions.
A statement said the disposal of the subsidiary will strengthen Aramex’s 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 by Iron Mountain is subject to customary closing conditions, including applicable regulatory approvals. Aramex said it will fully disclose the details of the transaction upon closing, which is expected in the third quarter of the current year.
Bashar Obeid (seen in the picture), Chief Executive Officer (CEO) of Aramex, said the 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.
“We are pleased that Iron Mountain recognises the strength and position of InfoFort as a market leader in the region, as well as its future potential,” Obeid said.
“InfoFort’s business and expertise are a natural extension of our solutions, further building on our commitment to facilitate “business challenges,” said Ernest Cloutier, Executive Vice President and General Manager of Global Records and Information Management at Iron Mountain.