Finland’s ESL Shipping is set to acquire all of the outstanding shares of Swedish AtoB@C Shipping and AtoB@C Holding for approximately EUR30 million (USD34.9 million).
The transaction is subject to approval from Finland’s competition authorities, said ESL Shipping, a subsidiary of Aspo Group. It is estimated that the transaction will be completed in the third quarter of 2018.
AtoB@C’s fleet includes 30 ice-classed multipurpose vessels. Serving the Scandinavian and wider European markets, the company transports a variety of commodities including wood pulp, steel and sawn timber as well as project cargoes.
With the acquisition, ESL Shipping expects net sales to increase from EUR80 million (USD93.1 million) to approximately EUR160 million (USD186.2 million), based on figures from 2017.