The Overseas Investment Office (OIO) has cleared the way for Dubai-based Aramex Logistics Group to purchase the Hawkes Bay domiciled Fastway Courier Service.
The deal, valued at more than $125 million involves a 100% buyout of the company’s business in Australia and New Zealand.
Fastway has more than 270 franchise operators in New Zealand and was founded by Bill McGowan in Napier in 1983.
In 1984, it became the first courier company to operate on a franchise model. It currently has operations in New Zealand, Australia, Ireland, Northern Ireland and South Africa, with more than 1,500 franchise-holders.
According to BusinessDesk, Aramex says strong demand for online shopping deliveries was the motivation behind its Fastway acquisition as it operates in Singapore, Malaysia, Indonesia, Hong-Kong, China and Australia.
“The company has a strongly performing business, a well-recognised brand, a leadership position in the Asia-Pacific market, an excellent management team and extensive global customer base,” says Aramex chief executive officer Hussein Hachem.
“Following our recent deals in Thailand and Australia last year, acquiring Fastway is the next logical, strategic move for us,” says Hachem.
