AD Ports have agreed to buy an 80% stake in Dubai based Global Feeder Shipping
(GFS) on 3 November 2022 for a total consideration of $800m, implying a total
valuation of $1 Bn for GFS.
In the last 12 months, GFS recorded total revenues of $1,085m, EBITDA of $521m
and Net Profit of $481m, with an EV/EBITDA multiple of 1.9x for the transaction.
According to AD Ports, it assumed a correction of 60% in the freight rates over
the coming years from the peak rates in 2022 before arriving at the agre