German shipping company Hapag-Lloyd has signed a binding agreement to acquire SAAM Ports and SAAM Logistics, as well as real estate assets related to the logistics business.
The transaction amounts to approximately USD1 billion and includes the sale of Chile-based SAAM’s ownership stake in 10 port terminals throughout six countries in the Americas. SM SAAM’s tugboat services and airport logistics services businesses are not part of the transaction.
“Investing in terminal infrastructure is a key element of our strategic agenda, and Latin America is one of our stronghold markets. Acquiring SM SAAM’s terminal operations and complementary logistics services will help us to further strengthen our business while building up a robust and attractive terminal portfolio,” said Rolf Habben Jansen, ceo of Hapag-Lloyd.
As part of its Strategy 2023, Hapag-Lloyd has continuously expanded its involvement in the terminal sector, most recently by announcing that it aims to acquire a minority stake in Italy-based Spinelli Group, by acquiring a stake in JadeWeserPort in Wilhelmshaven, and by investing in the construction of Terminal 2 in the Egyptian port of Damietta. Hapag-Lloyd also has a stake in the Container Terminal Altenwerder in Hamburg and in Terminal TC3 of the Moroccan port of Tangier.
The closing of the transaction is subject to approval by the relevant antitrust authorities and to additional conditions customary for a transaction of this kind. Once the transaction is approved, SAAM will focus on the development of its towage and air cargo logistics business divisions, which together account for approximately 55 percent of SAAM’s EBITDA.