On 16 September 2026, Abu Dhabi sovereign investor L'IMAD (Lunate Investment Management for Advanced Development) announced the closure of the statutory window of its voluntary tender offer for shares in Abu Dhabi Ports Company PJSC — AD Ports Group. Following the acceptance period, L'IMAD's stake will exceed 98.5%. Offer price: Dh6.25 (US$1.70) per share in cash. Settlement: no later than 9 October 2026.
How the deal is structured
The offer was launched on 18 August 2026 through Abu Dhabi Developmental Holding Company PJSC (ADQ), a wholly-owned L'IMAD subsidiary. At launch, L'IMAD already held 75.42% of AD Ports Group; minorities held 24.58%. By the close of the statutory window at 3pm local time on 15 September 2026, ADQ had received acceptances representing more than 23.08% of the share capital. The combined stake will exceed 98.5%.
The transaction is a voluntary tender offer — a cash bid open to all minority shareholders at a single price of Dh6.25 per share. Per Abu Dhabi Securities Exchange (ADX) disclosures, that price represents a premium of about 23% to AD Ports Group's market price at the time of announcement and roughly 95% to the 2022 IPO price of Dh3.20. The transaction values the company at approximately Dh31.8 billion.
All conditions of the offer have been satisfied — L'IMAD and ADQ note that only customary notifications to the Securities and Commodities Authority (SCA) and ADX remain. Payment to shareholders and share registration under ADQ are due no later than 9 October 2026.
AD Ports board recommended acceptance
On 26 August 2026, the AD Ports Group board formally supported the offer and recommended that minority shareholders accept it. The recommendation cited that the bid delivers holders 'certain and immediate value' and enables the company to pursue growth without the constraints of public-market discipline. HSBC Bank Middle East acted as independent financial adviser and issued the fairness opinion.
What it means for minority shareholders
Minority shareholders holding 24.58% of AD Ports Group were offered the same per-share price as majority holder ADQ — equal treatment. Those who accepted receive Dh6.25 per share in cash; settlement by 9 October. Minorities who did not tender keep their shares, but liquidity will drop sharply after close: free float will fall to below 1.5% versus roughly 24.58% before the deal.
Strategic context: infrastructure inside the L'IMAD portfolio
AD Ports Group belongs to L'IMAD's Ports & Logistics platform alongside rail operator Etihad Rail and logistics group Aramex. Consolidation hands L'IMAD full operational control of a strategic asset that runs around 40 ports and terminals in the UAE and operates in approximately 50 markets. For Abu Dhabi it fits a broader push toward deeper integration of port, rail and industrial infrastructure — including the KEZAD industrial zone and the national railway network. For a business view of how UAE ports and free zones work together, see our guide on setting up a logistics hub in the UAE.
What comes next
After settlement on 9 October 2026, AD Ports Group will formally remain listed on ADX but with a minimal free float. At this level of consolidation, the usual next step is either a full delisting or continued trading in a 'micro-free-float' status with limited activity. L'IMAD and AD Ports have not yet announced a listing decision. For UAE investors the deal shrinks the pool of liquid ADX blue chips, but it also underlines the continued consolidation and tight integration of state-owned assets we covered in our overview of the UAE economy in 2026.
