Hapag-Lloyd is continuing its diversification journey following its acquisition of 100% of the shares of Chile-based SAAM Ports S A and SAAM Logistics S A.
This incorporates the company’s entire terminal business and associated logistics services.
The contracting parties agreed on a price of around $1 billion, which includes real estate assets related to the logistics business.
The Chilean company is a terminal operator, logistics company and towage provider active in multiple countries in the Americas.
Its terminal portfolio comprises 10 terminals in six North, Central and South American countries with around 4 000 employees and combined container throughput of around 3.5 million TEUs in 2021.
The company’s tugboat services and airport logistics service businesses are not part of the transaction.
“Investing in terminal infrastructure is a key element of our strategic agenda, and Latin America is one of our stronghold markets. Acquiring SM SAAM’s terminal operations and complementary logistics services will help us to further strengthen our business,” said Rolf Habben Jansen, CEO of Hapag-Lloyd.
In driving its Strategy 2023, Hapag-Lloyd has continuously expanded its involvement in the terminal sector, most recently by announcing that it aims to acquire a minority stake in the Italy-based Spinelli Group, by acquiring a stake in JadeWeserPort in Wilhelmshaven, and by investing in the construction of Terminal 2 in the Egyptian port of Damietta.
It also has a stake in the Container Terminal Altenwerder in Hamburg and in Terminal TC3 of the Moroccan port of Tangier.
The closing of the transaction is subject to approval by the relevant antitrust authorities and to additional conditions customary for a transaction of this kind.
