March 09 2016
Grup Maritim TCB Acquisition Completed
The acquisition complements APM Terminals current portfolio, adding 7% throughput capacity in key locations including major Spanish container terminal concessions in Barcelona and Valencia, as well as Castellon, on the Mediterranean coast, and Gijon, on the Bay of Biscay. Outside of Spain, the new terminal operations include Yucatan, Mexico; Quetzal, Guatemala (under construction, opening 2016); Buenaventura, Colombia, on the Pacific Coast; and Paranagua, Brazil. APM Terminals will invest an estimated $400 million over the next five years in upgrades and expansion to these operations.
In September 2015, APM Terminals reached an agreement with Spanish-based Perez y Cia to acquire their 61% majority stake in Grup Maritim TCB. In October 2015, the remaining minority shareholders also agreed to sell their shares, resulting in APM Terminals becoming the sole controlling shareholder of Grup Maritim TCB subject only to relevant approvals.
APM Terminals is awaiting the final approvals for the acquisition of Grup Maritim TCB facility in Izmir, Turkey. Because of the corporate structure of Grup Maritim TCB, the Izmir terminal and two terminals in the Canary Islands were not included the initial transaction completed on March 9th. The remaining assets constitute less than 5% of the value of the acquisition.