SAAM closes acquisition of 70% of Intertug
After closing this deal, valued at US$ 49,7 million, SAAM begins towage operations in Colombia and expand its operations in the Mexican and Central American markets.
Santiago, January 29, 2021. SAAM, a company providing port, logistics and towage services in the Americas, finalized the deal to purchase 70% of post-capitalization shares of Intertug. Through this investment of US$ 49,7 million, SAAM Towage begins offering towage services in the Colombian market, expands its operations in Mexico and Central America and gains an important base for operations in the Caribbean – where Intertug has established a prominent commercial and operating presence.
“With this deal, we improve our standing as the top tug operator in the Americas. It is consistent with our strategy of being leaders in the consolidation process that the industry is experiencing. Our current coverage in the Americas is second-to-none and we are taking that a step farther as we enter the Colombian market with Intertug,” said SAAM’s CEO, Marcario Valdés.
We will now begin the integration process aiming to “capitalize on growth opportunities, implement our operating model and processes and harness the synergies we have with the 11 countries where SAAM Towage operates,” said the Executive.
The purchase will be financed through a combination of debt and corporate resources. The stake in Intertug will be acquired via a capital increase and share purchase, which will provide the company an adequate capital structure to advance its growth and efficiency plans.
Intertug has more than 25 years’ experience providing harbour towage, offshore and special services. Its 25-vessel fleet logs more than 18,000 maneuvers a year.
Meanwhile, SAAM Towage has a fleet of over 150 tugs at more than 70 ports throughout the Americas. These tugs, which log over 100,000 maneuvers each year, support the large container ships; Ro-Ro vessels; oil, chemical and LNG (liquid natural gas) tankers, as well as bulk carriers, reefer carriers and general cargo carriers. They also lend support for offshore exploration activities and the growing natural gas terminal segment.
SAAM is a Chilean-based multinational corporation with 59 years of experience. It operates in twelve countries throughout the Americas, providing services for international trade through its three divisions: Port Terminals, Towage and Logistics.