SAAM Agrees to Acquire 70% of Intertug, a towage operator in Colombia, Mexico and Central America
Thanks to this deal, SAAM enters the Colombian towage market, consolidates its presence in Central America and expands operations in Mexico.
Santiago, January 16, 2020. Sociedad Matriz SAAM S.A., through its subsidiary SAAM S.A., signed an agreement with the shareholders of Intertug Investment Holding S.A.(“Intertug”), a towage services company operating in Colombia, Mexico and Central America, to acquire 70% of the company. The acquisition will be a combined capital increase and share purchase.
Intertug has more than 25 years’ experience providing harbor towage, offshore and special services in Colombia, Mexico and Central America. Its 25-vessel fleet logs more than 18,000 maneuvers a year, generating around US$44 million in towage service revenue annually.
“The partnership with Intertug allows us to enter Colombia, one of the fastest growing economies in Latin America, and to reinforce our presence in Mexico and Central America”, remarked SAAM’s CEO, Macario Valdés.
The executive also explained that “this transaction is consistent with our growth and internationalization strategy and is complemented by the acquisition of 100% of the operations in Canada, Mexico, Brazil and Panama, and our recently announced entry into El Salvador. Therefore, we will continue to strengthen the service we provide our customers by integrating SAAM Towage’s single operating model and broad coverage with our partners’ recognized experience in the local market”.
SAAM Towage continues to consolidate its position as the largest tug operator in the Americas and one of the leading providers in the world; with this purchase, it will operate a fleet of more than 170 tugs in 11 countries.
This agreement is subject to approval from regulatory authorities and compliance of other conditions that are customary for this type of transaction.
SAAM is a Chilean-based multinational corporation providing services for international trade through its three divisions: Port Terminals, Towage and Logistics. With 58 years in business, it is a leading operator of port and towage services in the Americas.