At an extraordinary shareholder’s meeting yesterday, the shareholders of SAAM approved the agreement to sell 100% of the shares of its subsidiaries SAAM Ports and SAAM Logistics, as well as the real estate assets belonging to the logistics business, to the German liner shipping company Hapag-Lloyd, a transaction that was valued at about $1bn.
“It is good news that our shareholders overwhelmingly approved the transaction. It reaffirms that the deal is attractive and that, once completed, it will allow us to strengthen SAAM Towage’s growth strategy and leadership position in towage and expand the air cargo business with Aerosan,” said SAAM’s CEO, Macario Valdés.
The agreement consists of selling SAAM’s stakes in the 10 port terminals it operates in six countries in the Americas, of which five are in Chile, along with the ground logistics business, which includes bonded warehouses in Iquique, Valparaíso and San Antonio and other properties where SAAM Logistics currently operates.
The deal must first be approved by regulators with process potentially completed in another six to nine months.