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APM Terminals to acquire Spanish rival Grup Maritim TCB

Xinhua, September 9, 2015 Adjust font size:

Danish oil and shipping group A.P. Moeller-Maersk's port operator subsidiary, APM Terminals, has signed an agreement to acquire a majority stake in the Barcelona-based Grup Maritim TCB and its 11 container terminals, it announced Tuesday.

The deal represents new capacity of 4.3 million TEUs, with facilities in Spain, Turkey, Guatemala, Mexico, Colombia and Brazil, APM Terminals said in a statement.

"This is an exciting investment for APM Terminals, which adds complementary locations to our portfolio in high growth markets throughout Latin America, in Turkey and a strong gateway presence in Spain," said APM Terminals CEO Kim Fejfer.

The transaction is expected to close by the end of 2015 and is subject to certain conditions precedent, including relevant approval. Terms and the value of the transaction were not disclosed.

The APM Terminals global terminal network handled 38.3 million TEUs in 2014, up 5 percent from 2013.

The latest expansion will increases the number of operating facilities to 74 in 40 countries across five continents.

Grup Maritim TCB equity-weighted container volume of 2 million TEUs ranked 23rd among global terminal operators in 2014, while APM Terminals ranked 3rd with 38.3 million TEUs. Endit