Lunate has started a conditional voluntary cash tender offer to buy all Abu Dhabi Ports Group shares it does not already own, offering AED 6.25 a share in a move that could take the company private. The offer, launched through wholly owned subsidiary Abu Dhabi Developmental Holding Company, opened on August 18, 2026 and is due to close at 3:00 PM on September 15, 2026 unless extended under regulatory rules. Lunate already controls 75.42% of Abu Dhabi Ports, or about 3.839 billion shares, and is targeting the remaining 24.58% of the capital. The offer price implies a 23% premium to the August 17, 2026 closing price, a 25% premium to the one-month volume-weighted average price (average trading price weighted by volume), a 31% premium to the three-month volume-weighted average price, and a 95% premium to the AED 3.20 listing subscription price from February 2022. Lunate said full ownership would give Abu Dhabi Ports more flexibility to fund infrastructure, expansion, acquisitions and operational transformation without the short- and medium-term earnings and distribution expectations that come with being publicly listed. The deal remains subject to approvals including final clearance from the Securities and Commodities Authority (UAE markets regulator), competition and foreign direct investment approvals where needed, due diligence, third-party consents, shareholder circular requirements and the absence of a material adverse effect. If completed, the transaction would allow Abu Dhabi Ports to delist from the Abu Dhabi Securities Exchange, reflecting a wider regional push by sovereign investors to tighten control over strategic assets and pursue long-term capital spending outside public market constraints.