HAPAG-LLOYD has agreed to acquire the entire terminal business and associated logistics services of SM SAAM, a Chilean terminal operator.
Hapag-Lloyd signed a binding agreement on Tuesday under which it will acquire 100% of the shares of SAAM Ports and SAAM Logistics for around US$1 billion.
Real estate assets related to the logistics business will also be acquired as part of the deal.
Hapag-Lloyd CEO Rolf Habben Jansen said investing in terminal infrastructure is an important element of the shipping company’s strategic agenda.
He described Latin America as one of Hapag-Lloyd’s stronghold markets.
“Acquiring SM SAAM’s terminal operations and complementary logistics services will help us to further strengthen our business while building up a robust and attractive terminal portfolio,” he said.
The transaction includes the sale of SAAM’s stake in ten port terminals throughout six countries in the Americas (with a combined container throughput of around 3.5 million TEU last year) as well as bonded warehouses and integrated logistics operations.
“This is good news for SAAM, its shareholders, and also for SAAM Ports and SAAM Logistics, as well as for employees and the communities in which SAAM Ports and SAAM Logistics operate, given the experience and financial strength of the new owner,” SM SAAM CEO Macario Valdés said.
Mr Valdés said the acquisition would strengthen SM SAAM’s capital structure and help it capitalise on a pipeline of growth opportunities in towage and air cargo logistics business divisions.
SM SAAM was founded in 1960 and has been listed on the Santiago Stock Exchange since 2012.
The company’s towage and airport logistics businesses are not included in the transaction. They will remain with SM SAAM.
The closing of the transaction is subject to approval by the relevant antitrust authorities and to additional conditions customary for a transaction of this kind.
