SAAM signs deal to acquire all operations jointly controlled with Boskalis for US$ 201 million
With this transaction, the Chilean company consolidates as one of the main global operators in the towage industry.
Santiago, February 11th, 2019.
Sociedad Matriz SAAM S.A. signed a deal with Royal Boskalis Westminster N.V. (Boskalis), the parent company of SMIT, to acquire its interest in the two joint operations they formed in 2014 for their towage business in Brazil, Mexico, Panama and Canada. Once finalized, SAAM will own 100% of the operations in those countries. The transaction is valued at US$ 201 million.
As a result of the deal, SAAM will acquire 49% of the business in Mexico, Panama and Canada and 50% in Brazil. In aggregate, these operations reported revenue of US$ 205 million in 2018.
“The partnership with Boskalis has been very productive: In just over four years, we have grown the business in Canada and improved our position in Brazil. Today we want to take another step forward. Since the towage area is at the core of our business, SAAM can play an important role in consolidating and growing this industry,” remarked SAAM’s CEO, Macario Valdés.
He added, “We perform over 100,000 towage maneuvers each year in the 60 plus ports where we operate. Every five minutes we begin a new maneuver somewhere in the Americas. This is a business we want to strengthen and develop for the future,” he commented.
Details on the Operations
The joint operations boast a total fleet of 106 tugs operating in 30 ports in four countries, including three of the five most important terminals in the Americas: Santos (Brazil) and Colón and Balboa (Panama).
As a result of this agreement, which still must be approved by regulatory authorities, SAAM consolidates as one of the main global operators, with a total fleet of 153 tugs and operations in nine countries in the Americas.