APM Terminals is to boost its container terminal portfolio in the Mediterranean and Latin America after reaching an agreement with Perez y Cia to acquire its majority stake in the Barcelona-based Grup Maritim TCB.
The Spanish company owns 11 container terminals with an annual throughput capacity of 4.3m TEUs and an estimated annual container volume of 3.5m TEUs. The transaction is expected to close by the end of the year and is subject to certain conditions precedent, including relevant approvals. Terms and price were not disclosed.
Grup Maritim consists of Spanish container terminal concessions in Barcelona, Valencia and Castellón, on the Mediterranean coast, along with the concessions in Gijón, on the Bay of Biscay, and in the Canary Islands (Santa Cruz on Tenerife and La Palma on Gran Canaria). Outside of Spain, the company’s terminal operations include Izmir, Turkey; Yucatan, Mexico; Quetzal, Guatemala (under construction, opening 2016); Buenaventura, Colombia, on the Pacific Coast; and Paranagua, Brazil.
APM Terminals CEO Kim Fejfer said: “This is an exciting investment for APM Terminals, which adds complementary locations to our portfolio in high growth markets throughout Latin America, in Turkey and a strong gateway presence in Spain. Equally important, Grup Maritim TCB is one of the best run terminal businesses in the market with a history dating back to 1972, when it was first established by the Perez-Maura family in Barcelona.”
Grup Maritim’s CEO, Xavier Soucheiron said the agreement marks a landmark moment in the company’s journey. “We share the same core values and views on how to build on our market momentum, where to invest in port upgrades and improve the entire TCB portfolio for clients. Together we can achieve even more potential in the APM Terminals family,” he said.
The deal increases the number of APM Terminals Global Terminal Network operating facilities to 74, in 40 countries across five continents.