APM Terminals Completes Acquisition of Grup Maritim TCB
APM Terminals has completed the $1 billion acquisition of the Spanish Grup Maritim TCB’s port and rail interests.
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 five percent of the value of the acquisition. The acquisition adds eight ports with a combined two-million TEU to APM Terminals, expanding the network to 72 operating ports, across 69 countries.
The acquisition complements APM Terminals current portfolio, adding seven percent throughput in key 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; Buenaventura, Colombia; and Paranagua, Brazil. APM Terminals will invest an estimated $400 million over the next five years in upgrades and expansion to these operations.
“This acquisition expands our position in Spain and accelerates our growth in Latin America,” said APM Terminals CEO Kim Fejfer. “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.”
APM Terminals has yet to receive approval for the acquisition of the terminal in Turkey. Because of the corporate structure of Grup Maritim TCB, this terminal and those in the Canary Islands were not included in the deal that closed.
“We are continuing to pursue the acquisition of TCB’s Turkish and Canary Island terminals and are confident we will be able to provide satisfactory responses to the regulators’ questions in Turkey in due course,” said Joe Nicklaus Nielsen, APM Terminals Vice President for Port Investments.
Need a Logistics Provider?
Compare over 100 Instantly