APM Terminals completes acquisition of Grup Maritim TCB

APM Terminals has announced the completion of the US$1bn acquisition of Spanish Grup Maritim TCB’s port and rail interests. According to the announcement, APM Terminals has yet to receive approval for three of 11 terminals under Grup Maritim TCB, but has decided to move ahead with the acquisition, as the remaining terminals constitute less than 5% of the value of the acquisition. The acquisition adds 8 ports with a combined 2m TEU equity-weighted volumes to APM Terminals, expanding the network to 72 operating ports, across 69 countries.

According to the announcement by APM Terminals, the acquisition complements the company’s current portfolio and adds 7% throughput in locations including Spanish container terminal concessions in Barcelona, Valencia and Castellon, on the Mediterranean coast, along with the concessions in Gijon, on the Bay of Biscay.

Outside of Spain, Grup Maritim TCB’s terminal operations include Yucatan, Mexico; Quetzal, Guatemala (under construction and expected to open 2016); Buenaventura, Colombia, on the Pacific Coast; and Paranagua, Brazil. APM Terminals expects to invest an estimated US$400m over the next five years in upgrades and expansion to these operations.

APM Terminals CEO Kim Fejfer, said of the acquisition, “We are excited to complete the acquisition of Grup Maritim TCB and look forward to working together with our new colleagues. The acquisition expands our position in Spain and accelerates our growth in Latin America. While growth in Latin America has slowed overall, Colombia, Mexico and Guatemala are outperforming the rest of the continent and we believe offer exciting short and medium term opportunities.”

In September 2015, APM Terminals reached an agreement with Spanish-based Perez y Cia to acquire their 61% majority stake in Grup Maritim TCB. In October 2015, the remaining minority shareholders also agreed to sell their shares, resulting in APM Terminals becoming the sole controlling shareholder of Grup Maritim TCB subject only to relevant approvals. APM Terminals has yet to receive approval for the acquisition of the terminal in Turkey and due to the corporate structure of Grup Maritim TCB, this terminal and those in the Canary Islands are not included in today’s closure.
Source: APM Terminals