MAERSK has agreed to sell its 30.75% shareholding in Russian container terminal operator Global Ports Investments.
Maersk said on Monday its terminals business APM Terminals had entered into an agreement to divest its stake to Russian logistics and freight forwarding holding Delo Group.
The announcement follows Maersk’s decision earlier this year of its to discontinue activities in Russia.
The transaction has reportedly been undertaken on an arm’s length basis and includes the ability for AMP Terminals to re-enter the partnership with Delo in the future.
“We are pleased that we have now concluded this transaction according to the plan and with our long-standing partner Delo, enabling us orderly exit from GPI in line with our decision to discontinue activities in Russia,” APM Terminals CEO Keith Svendsen said.
Following the divestment, APM Terminals will no longer be involved in any entities operating in Russia and will no longer own any assets in the country.
Delo Group operates its own fleet and manages container terminals in the Black Sea and Sea of Azov.
Maersk said Delo Group is a long-standing partner of APM Terminal and also owns a 30.75% share in Global Ports Investments.
The transfer of share ownership is expected to take place after regulatory approvals have been obtained.
