SAAM Consolidates its Leadership in Towage in the Americas
The company closed on its purchase of Boskalis’s stake in their joint operations in Brazil, Mexico, Panama and Canada. At closing, total cash consideration was US$ 194 million. SAAM operates 152 vessels in nine countries in the Americas under a common model and the SAAM Towage brand.
Santiago, October 30th, 2019. SAAM, provider of port, logistics and towage services in the Americas, concluded a deal to purchase Boskalis’s interest in the companies’ joint operations for the towage business in Brazil, Mexico, Panama and Canada. After closing this deal, valued at US$ 194 million (equity value at closing), SAAM now owns 100% of the operations in those countries.
“This is the largest acquisition in our history and a strategic step in moving our business into the future, giving us a single entity providing coverage in the Americas and an attractive position to continue growing within the towage industry,” remarked SAAM’s CEO, Macario Valdés.
He added that in recent months the company has been working to implement a standard model for this business unit which continue to generate synergies and provide a strong position to drive industry consolidation.
As of the closing of this deal, the company will group all towage operations under one single brand: SAAM Towage. This transaction positions SAAM Towage as the largest tug operator in the Americas and one of the leading operators in the world, with a total fleet of 152 tugs and operations in nine countries.
SAAM Towage’s fleet performs more than 100 thousand maneuvers each year at over 60 ports. It offers harbor towage services, services for off-shore vessels and positioning and anchorage to oil and gas platforms, as well as salvage support.
The deal obtained all the necessary regulatory approvals before closing.
SAAM is a Chilean-based multinational company that provides international trade services through three business divisions: Port Terminals, Towage and Logistics. With 57 years in business, SAAM has operations in 12 countries in North, Central and South America.
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Major towage operator in the Americas with a fleet of 152 tugboats in 9 countries.
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