Dubai: Dubai Taxi Company PJSC today announced that it has entered into a Sales and Purchase Agreement (SPA) to acquire 100% of the share capital of National Taxi LLC for a total Enterprise Value of AED1.45 billion, funded through new bank debt facilities. The final consideration is subject to adjustment in accordance with the terms of the SPA.
According to Emirates News Agency, once completed, the transaction is expected to strengthen DTC's leadership position in Dubai, increasing its market share from 47% to approximately 59%, while establishing a meaningful presence in Abu Dhabi with a 12% market share, unlocking opportunities for further growth.
Commenting on the acquisition, DTC's Group Chairman, Abdul Muhsen Ibrahim Kalbat, emphasized the strategic importance of the acquisition, stating that it enhances DTC's leadership position in Dubai and establishes a significant presence in Abu Dhabi. He highlighted that National Taxi is a well-established operator with a strong financial profile, and the acquisition will expand DTC's platform and position the business for long-term growth.
DTC's Group CEO, Mansoor Rahma Alfalasi, noted that the acquisition is strategically and operationally beneficial for DTC, enhancing scale and market position. He mentioned that the transaction is expected to be earnings accretive from the first full year of ownership, with potential for further benefits through procurement optimization, centralized maintenance, and disciplined integration over time.
Toufic Mitri, Managing Director at National Taxi, expressed confidence in the acquisition process, stating that National Taxi has experienced steady growth and adopted new technologies over its 26-year history. He explained that a competitive process, managed by Emirates NBD Capital Limited and Lazard Gulf Limited, attracted interest from investors across various regions, with DTC ultimately submitting the most compelling proposal.
The acquisition, structured as a 100% acquisition of National Taxi's share capital, is funded through bank debt facilities with no equity issuance required. The transaction is expected to complete in early Q3 2026, subject to regulatory approvals and satisfaction of customary conditions. DTC will engage with stakeholders and provide updates as appropriate.
Dubai Taxi Company has retained Alvarez and Marsal Middle East Corporate Finance as its financial advisor and DLA Piper as its legal advisor, while National Taxi has retained Emirates NBD Capital Limited and Lazard Gulf Limited as financial advisors, and White and Case LLP as its legal advisor for the transaction.
