SAAM agrees to sell its port terminals and associated logistics operations to Hapag-Lloyd
Parties agreed upon a price of around USD 1 billion, which includes 100% of SAAM Ports and SAAM Logistics as well as real estate assets related to the logistics business.
The agreement will provide SAAM with significant resources to focus on the development and expansion of its Towage and Air Cargo Logistics businesses.
Santiago, October 04, 2022| SAAM signed a binding agreement with the German liner shipping company Hapag-Lloyd for the sale of 100% of the shares of subsidiaries SAAM Ports and SAAM Logistics as well as real estate assets related to the logistics business. The value of the transaction amounts to approximately US$ 1 billion, after the usual price adjustments customary for a transaction of this kind. A net profit of US$ 400 million is estimated for SAAM.
The transaction includes the sale of SAAM’s ownership stake in ten port terminals throughout six countries in the Americas, bonded warehouses and integrated logistics operations for importers and exporters. The agreement also includes the sale of the real estate assets where SAAM Logistics currently operates and will materialize once the relevant approvals have been received and conditions precedent have been fulfilled.
“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,” says Macario Valdés, CEO of SM SAAM.
This acquisition is a recognition of SAAM’s contribution to the port and logistics development of the region in over six decades and will strengthen the company’s capital structure and help us capitalize on a pipeline of organic and inorganic growth opportunities in the towage and air cargo logistics business divisions. Once the transaction is approved, SAAM will focus on the development of the above operations, which together account for approximately 55% of SAAM’s Ebitda.
“This agreement will allow us to continue to boost the towage business, where SAAM Towage is already the third largest player globally thanks to the strategy we have deployed since 2019 with the acquisitions of the entire joint venture with Boskalis, the acquisition of Intertug, Standard Towing and Ian Taylor Peru, and the announcement of the purchase of Starnav’s assets in Brazil. In addition, to strengthen our air cargo logistics strategy, we acquired 50% of Aerosan from American Airlines,” Valdés concluded.
SAAM is a multinational corporation providing services for international trade through its four divisions: Port Terminals, Towage, Inland Logistics, and Air Cargo Logistics.
With 60 years in business, SAAM operates in 14 countries in North, Central, and South America, creating jobs for more than 8,500 employees. It is the main towage company and one of the leading companies in port operations in the Americas. See more at www.saam.com and on our LinkedIn account.