By MarEx 2015-09-08 16:54:07
APM Terminals has purchased a majority stake in Spain’s leading container terminal operator, fueling the Maersk Group’s strategy to invest in growth through the business cycle.
The acquisition of Barcelona-based Grup Maritim TCB adds 11 terminals in Colombia, Brazil, Mexico, Guatemala, Turkey and Spain to APM Terminals’ portfolio.
“With its robust financial performance and balance sheet, the group is in a strong position to make investments of this kind in volatile markets and pursue growth opportunities—both organically and by acquisition,” says Nils S. Andersen, Maersk Group CEO.
With this deal the APM Terminals global terminal network grows from 63 to 74 terminals in 40 countries across five continents. The 11 acquired terminals add 4.3 million TEU in capacity and 3.5 million TEU in estimated annual container volumes to the APM Terminals’ portfolio.
“The acquisition supports our growth plans and value proposition towards APM Terminals’ wide range of customers in Europe and Latin America,” says Andersen.
Latin America has been a strategic focus of the Maersk Group for some time, and it has many investments in the region. The most recent example is the joint-venture multi-purpose terminal in Cartegena, Colombia.
The 11 terminals have an annual throughput capacity of 4.3 million TEUs and an estimated annual container volume of 3.5 million TEUs.
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.
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.
This post was sourced from Maritime Executive: View original article here.
