Dutch company Boskalis, together with its joint venture partner Kotug International, has signed a letter of intent (LOI) relating to the sale of Kotug Smit Towage to Boluda Group.
Boskalis expects to receive approximately EUR90m ($102.3m) in cash for its 50% equity stake in the joint venture.
The Kotug Smit Towage joint venture between Boskalis and Kotug was formed in 2016 and covers a number of ports in European countries including the Netherlands, Belgium, Germany and UK.
Boskalis and Kotug believe further consolidation of the European harbour towage market would be beneficial.
Boluda is a leading tugboat operator in the Spanish and French market with a fleet of over 230 vessels.
Last month, Boskalis also entered into agreement to sell its stake in its towage unit SAAM SMIT Towage.