Invest AD Buys Stake in Turkish Logistics Company

ABU DHABI (Reuters) – Invest AD, a state-owned investment fund, will pay 50 million euros ($74.92 million) to acquire a “significant” minority stake in Turkish logistics firm EKOL Lojistik A.S., it said on Wednesday.

The investment, a capital increase aimed at funding the Turkish firm’s expansion plans, is the first by Invest AD’s new private equity fund.

EKOL provides local and foreign transportation, warehousing, customs clearance, insurance brokerage and fair and exhibition logistics.

Invest AD, which changed its name last year from Abu Dhabi Investment Company, wants to raise $400 million for the fund which is focused on companies in the Middle East and North Africa. (Reporting by Amran Abocar; Editing by Greg Mahlich)