Royal Boskalis Westminster and Kotug International have signed a letter of intent (LOI) to sell its joint venture Kotug Smit Towage to the Boluda Group.
Under the terms of the LOI, Kotug Smit Towage is valued at EUR300 million (USD340 million). Boskalis said that it expects to receive approximately EUR90 million (USD102 million) in cash for its 50 percent stake in the company.
The deal is subject to customary conditions, including approval from regulatory agencies. The transaction is expected to close in the second half of 2019.