Cosco confirms Noatum buy-in
Buy-in: The partnership includes Noatum Container Terminal Valencia
Cosco Shipping Ports Ltd has confirmed its buy-in of 51% of Noatum Ports terminals including Valencia and Bilbao, as well as the dry ports of Madrid and Zaragoza.
Noatum Ports said it will continue to offer its infrastructure and services to all shipping companies calling at the ports of Bilbao and Valencia, as well as the dry port terminals, in accordance with concession terms and contract commitments.
Douglas Schultz, CEO of Noatum Ports and Maritime, said: “The new partnership enhances our capacity to increase cargo volumes and reinforces the ports of Valencia and Bilbao, as well as improving service levels to customers.”
The partnership seeks to maximise the capacity of the container terminals by implementing the group’s long term strategic plans to optimise the structure and efficiency of the business improve the quality of service offered to customers.
In addition, the partnership will support improvements in the railway terminals of Zaragoza and Conterail in Madrid.
The completion of the transaction is subject to shareholder approval, certain conditions precedent and relevant regulatory approvals being achieved.
Noatum Ports 45% shareholding in OPCSA Las Palmas will continue to be held by the current Noatum Ports shareholders.
The transaction excludes Noatum Maritime, the core activity of which includes automotive and multi-purpose port operations and terminals, including the vehicle and bulk terminals of Santander, Sagunto, Malaga and Barcelona (Autoterminal).