Abu Dhabi’s sovereign wealth fund, ADQ, has announced plans to initiate a takeover offer for the logistics company Aramex. The proposal aims to acquire shares that ADQ does not already own in the courier firm. This move was disclosed in a filing to the stock exchange on Monday as part of ADQ’s strategy to strengthen its logistics holdings.

The cash offer will be made through ADQ’s subsidiary, Q Logistics Holding, at a price of 3 dirhams ($0.82) per share. This offer represents a premium of about 30% over Aramex’s closing price of 2.31 dirhams on Friday. If successful, the deal would value Aramex at approximately 4.39 billion dirhams ($1.2 billion), based on calculations from Reuters.

Following the announcement, shares of Aramex surged by 14.7%, opening at 2.65 dirhams per share on Monday. Aramex is known for providing logistics and transportation services, which include domestic and international express delivery via road, air, and sea, with operations spanning over 65 countries, as detailed on its website.

Established in 2018, ADQ holds a diverse portfolio of domestic assets, including a stake in Abu Dhabi state carrier Etihad Airways and Abu Dhabi Ports Company. Notably, ADQ already owns a 22.69% stake in Aramex. As of the end of June, the fund had assets under management totaling $225 billion, according to a document reviewed by Reuters.