ADQ, a unit of Abu Dhabi wealth fund L’imad, has met the terms of a cash offer to acquire up to 100 percent of AD Ports Group, the maritime infrastructure operator said. The AD Ports board last month recommended shareholders accept ADQ’s offer of AED6.25 ($1.70) per share. The price represents a 23 percent premium to the August 14 close. “Except for the customary notifications required to be submitted to the Capital Market Authority and the Abu Dhabi Securities Exchange (ADX), all other conditions of the offer have been satisfied,” AD Ports said in a statement. The share transfer will take place before October 9. AD Ports appointed HSBC on August 21 to carry out a financial analysis of the offer, three days after receiving it. The company listed its shares on the ADX on February 7, 2022, at AED3.2 apiece. Its stock closed at AED6.04 on August 26, up nearly 27 percent so far this year. According to AGBI calculations, ADQ will pay an estimated AED7.8 billion to acquire the remaining stake. L’imad’s ports and logistics platform includes assets such as Etihad Rail Company and Aramex. Abu Dhabi National Energy Company (Taqa) was delisted from the emirate’s bourse as of September 1 after Abu Dhabi Power Corporation, a subsidiary of L’imad, acquired a 100 percent stake in Taqa last month. Further reading: Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Already registered? Sign in