APM Terminals picks up remaining shares to complete $1bn Grup Maritim takeover

APM Terminals has reached agreement to purchase the remaining 39% of Grup Maritim from minority shareholders to complete a $1bn takeover of the Barcelona-basd company, and its maritime services’ container terminal portfolio in Europe and Latin America.

In September, APM Terminals signed an agreement with Perez y Cia to acquire their majority share (61%) in Grup Maritim.

APM anticipates capex investments of $400m over the next five years in the new group.

The transaction is expected to close in the first quarter of 2016.

APM Terminals CEO Kim Fejfer said, “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.”

Grup Maritim has 11 container terminals with an annual throughput capacity of 4.3m teu and an estimated annual container volume of 3.5m teu. The portfolio consists of Spanish container terminal concessions in Barcelona, Valencia and Castellon, on the Mediterranean coast, along with the concessions in Gijon, on the Bay of Biscay, and in the Canary Islands: Santa Cruz on Tenerife and Santa Cruz on La Palma. Outside of Spain, Grup Maritim’s terminal operations include Izmir, Turkey; Yucatan, Mexico; Quetzal, Guatemala (under construction, opening 2016); Buenaventura, Colombia, on the Pacific Coast; and Paranagua, Brazil.

“The acquisition will help APM Terminals establish a stronghold in Spain at a time when market recovery is expected, strengthen its position in high growth markets of Latin America, provide access to a new experienced talent pool, facilitate knowledge transfer between the two organizations, and generate immediate positive P&L and cash flow contributions,” the Maersk affiliate said in a release.

APM Terminals now has 74 facilities in 40 countries.