Dubai’s Aramex agrees to sell subsidiary to boost balance sheet

Dubai’s Aramex agrees to sell subsidiary to boost balance sheet

Dubai-based logistics major Aramex said on Thursday it has agreed to sell its Information Fort subsidiary as it looks to strengthen its balance sheet.

Aramex said the move to offload the records and information management provider, better known as InfoFort, is part of its long-term strategy to focus its operations on the core logistics solutions services.

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It said in a statement that it has reached a definitive and binding agreement for a subsidiary of Iron Mountain Incorporated, the US based global leader of information management services, to acquire InfoFort. 

Upon completion of the transaction, which is expected in the third quarter of this year, Aramex will cease to be a shareholder in InfoFort. No value for the deal was disclosed.

The acquisition of InfoFort is subject to customary closing conditions, including applicable regulatory approvals.

Bashar Obeid (pictured below), CEO 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.

"We are pleased that Iron Mountain recognises the strength and position of InfoFort as a market leader in the region, as well