Middle Eastern logistics firm ARAMEX International said today it agreed to acquire Dublin-based Twoway-Vanguard, but did not say how much it was going to pay for the freight services firm.
ARAMEX, owned by Dubai-listed Arab International Logistics, said the acquisition would increase its revenue to about $350 million 2006.
The company reported 2005 revenues of 459 million dirhams ($125 million).
Twoway-Vanguard has 15 offices across the United Kingdom, Ireland and the Netherlands and employs over 350 people. Its 2005 revenues topped $85 million, ARAMEX said in a statement on the Dubai bourse Web site.
"Twoway-Vanguard...will strengthen our position in key European markets," the statement quoted ARAMEX Chief Executive Fadi Ghandour as saying.
The statement did not give details of the deal and company officials could not immediately be reached for comment in Dubai.
Mr Ghandour told Reuters in February that ARAMEX was looking to expand through acquisitions, especially in Europe and Asia.
Last year Aramex bought UK-based Priority Airfreight to try to increase its share of trans-Atlantic trade and announced in February that it had acquired Egypt-based Freight Professionals.