Dubai: The UAE based logistics major Aramex will sell its subsidiary Information Fort, the document storage and clearing services provider. A unit of US-based Iron Mountain Inc. will be the buyer.
The value of the likely deal has not been revealed, but the Aramex Board of Directors has given its go-ahead for the deal to happen. Iron Mountain is a global leader in information management services. (Aramex said it shall fully disclose the details of the transaction upon closing, which is expected in the third quarter of 2021. The UAE company will not hold any stake thereafter in Information Fort.)
Bashar Obeid, 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.