Hapag-Lloyd Signs $1 Billion Deal to Acquire Chile Terminals, Logistics Business
October 04 2022 - 8:47AM
Dow Jones News
By Joshua Kirby
Hapag-Lloyd AG said Tuesday that it has reached an agreement to
acquire the port-terminal and logistics business of Chile's
Sociedad Matriz SAAM SA, comprising various assets in the Americas,
for a price of around $1 billion.
Under the agreement, the German shipping giant will acquire SAAM
Ports SA and SAAM Logistics SA as well as an associated real-estate
portfolio from Sociedad Matriz. The ports business comprises
terminals in Chile, as well as other countries in South and Central
America and the U.S. state of Florida, while the logistics business
is concentrated at five ports in Chile, Hapag-Lloyd said.
The companies made consolidated earnings before interest, taxes,
depreciation and amortization of around $115 million in 2021,
Hapag-Lloyd said. Sociedad Matriz belongs to Quinenco SA, which
indirectly holds a stake of 30% in Hapag-Lloyd, the company
said.
The acquisition is in line with a strategy to expand involvement
in the terminal sector, Hapag-Lloyd said.
"The purchase agreement that has today been signed will further
strengthen Hapag-Lloyd's business while building up a robust and
attractive container terminal portfolio," the company said.
The transaction is subject to conditions including antitrust
approvals, Hapag-Lloyd said.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
October 04, 2022 08:32 ET (12:32 GMT)
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