The terminal operator will purchase the remaining 39 percent of the issued shares of port terminal manager Grup Maritim TCB, making it the sole controlling shareholder of the company.
APM Terminals agreed to acquire 100 percent of the issued shares of port terminal manager Grup Maritim TCB, making it the sole controlling shareholder of the company.
The transaction’s implied enterprise value is approximately $1 billion with expected capex investments of $400 million over the next five years, subject to market conditions, APM said.
The transaction, which is expected to close in the first quarter of 2016, is subject to certain conditions, including relevant regulatory approvals.
APM Terminals previously reached an agreement with Spanish shipping and logistics group Perez y Cia on Sept. 8 to acquire its majority stake (61 percent) in Grup Maritim TCB and its 11 container terminals.
The full acquisition will help APM Terminals establish a stronghold in Spain; strengthen its position in Latin America’s high growth markets; provide access to a new, experienced talent pool; facilitate knowledge transfer between the two organizations; and generate positive P&L and cash flow contributions, APM said.
Based out of Barcelona, Grup Maritime TCB’s terminals are located in Valencia, Spain; Barcelona, Spain; Gijon, Spain; Castellón, Spain; Santa Cruz, Canary Islands; Las Palmas, Canary Islands; Izmir, Turkey; Paranagua, Brazil; Yucatan, Mexico; Buenaventura, Colombia; and Puerto Quetzal, Guatemala (scheduled to open in 2016).
Combined, the container terminals have an annual throughput capacity of 4.3 million TEUs and an estimated annual container volume of 3.5 million TEUs.
The company also owns two intermodal transport subsidiaries – TCB Railway Transport and TCV Railway Transport – and four railway terminals in Barcelona, Valencia, Gijon and Zaragoza.
“This 100 percent share agreement reflects a major milestone in paving the way for closing this deal and expanding our competitive offerings for our clients,” 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.”
APMT to acquire 100% of Grup Maritim TCB
