APM terminals, the Rotterdam-based container terminals unit in A.P. Moller-Maersk group in Copenhagen, says it has acquired controlling interest in the 11 container terminals owned by Grup Maritim TCB in Europe and Latin America.
“APM Terminals has reached an agreement with Perez y Cia to acquire their majority stake in the Barcelona-based Grup Maritim TCB and its maritime services’ container terminal portfolio in Europe and Latin America,” the company said in a statement.
The transaction represents capacity of 4.3 million teu, with facilities in Brazil, Colombia, Guatemala, Mexico, Spain and Turkey. Grup Maritim TCB equity-weighted container volume of 2 million TEUs ranked 23rd among global terminal operators in 2014; APM Terminals ranked third with 38.3 million.
“The transaction is expected to close by the end of the year and is subject to certain conditions precedent, including relevant approvals. Terms and price were not disclosed,” APM Terminals said.
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Grup Maritim TCB consists of Spanish container terminal concessions in Barcelona, Valencia and Castellon, on the Mediterranean coast, along with the concessions in Gijon, on the Bay of Biscay, and in the Canary Islands: Santa Cruz on Tenerife and La Palma on Gran Canaria. Outside of Spain, Grup Maritim TCB’s terminal operations include Izmir, Turkey; Yucatan, Mexico; Quetzal, Guatemala (under construction, opening 2016); Buenaventura, Colombia, on the Pacific Coast; and Paranagua, Brazil.
APM Terminals chief executive officer Kim Fejfer said, “This is an exciting investment for APM Terminals, which adds complementary locations to our portfolio in high growth markets throughout Latin America, in Turkey and a strong gateway presence in Spain.”
“Equally important, Grup Maritim TCB is one of the best run terminal businesses in the market with a history dating back to 1972, when it was first established by the Perez-Maura family in Barcelona,” he added. APM Terminals reported a 2Q15 profit of USD161 million, down from USD223 million in the same period a year earlier, on 13 August. Commenting on the future strategy of the unit, APM said at the time, “APM Terminals will continue to build on its track record for delivering double-digit returns based on disciplined investments in terminals and other port infrastructure, operational efficiencies and portfolio optimisation. APM Terminals aims through investments to grow ahead of the global transportation market.”
This post was sourced from IHS Maritime 360: View the original article here.