Dutch group Boskalis has entered into an agreement to sell its stake in towage unit SAAM SMIT Towage to joint venture partner SAAM, a Chilean port and logistics operator.
Under the terms of the agreement, the total enterprise value of SAAM SMIT Towage is valued at $560m and Boskalis expects to receive $201m for its equity stake in the joint venture.
Boskalis said the decision to quit the joint venture came from joint discussions with SAAM on how to most effectively respond to the more competitive market environment and the company believes the move would be most beneficial for both parties.
SAAM SMIT Towage was formed in 2014 and the company mainly operates in Brazil, Panama, Mexico and Canada and currently operates over 100 tugboats.
