ESL Shipping, part of Finnish conglomerate Aspo Group, has completed the acquisition of Sweden’s AtoB@C Shipping and AtoB@C Holding (AtoB@C).
The acquisition, first announced in June, places the enterprise value of AtoB@C at EUR30m in a cash plus shares deal.
AtoB@C specialises in vessels ranging in size from 4,000 dwt to 5,000 dwt, owning six dry cargo vessels in full and a 49% share in two others.
The deal increases ESL Shipping’s fleet to 50 vessels, strengthening it significantly in the category for smaller vessels.
Aki Ojanen, CEO of Aspo and chairman of ESL Shipping, commented: “Aspo’s strategy is to develop leading companies in its field. The acquisition will shift ESL Shipping to a new size class and put it in a good position to improve operational efficiency and overall profitability of the shipping company.”