APM Terminals in Grup Maritim TCB takeover
In a deal worth around US$1bn, APM Terminals has announced that it intends to buy the remaining 39% of Grup Maritim TCB bringing its ownership of the company to 100%.
APM Terminals already holds 61% of the shares following a deal announced last month.
Grup Maritim TCB has 11 container terminals with an annual throughput capacity of 4.3 million teu and an estimated annual container volume of 3.5 million teu. The company has container terminal concessions in Spain and the Canary Islands and runs international terminal operations in Turkey, Mexico, Guatemala, Colombia and Brazil.
Kim Fejfer, CEO of APM Terminals, said: “This agreement reflects a major milestone in paving the way for closing this deal and expanding our competitive offerings for our clients. The complementary expertise and market geography of the Grup Maritim TCB portfolio will enable us to bring more value to our clients, achieve our growth ambitions and further diversify our global portfolio.”
The acquisition will help APM Terminals establish a stronghold in Spain along with strengthening its position in the high growth markets of Latin America.
Joe Nicklaus Nielsen, APM Terminals’ vice president and global head of container port business development, said: “We have a clear plan to grow our business for the future and invest in competitive advantages. We look forward to welcoming the Grup Maritim TCB family to APM Terminals when the deal closes.”
The deal is expected to complete in the first quarter of 2016 and will expand the number of APM Terminals’ operating facilities to 70, in 40 countries across five continents.
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