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)

Copyright (c) 2022 Dow Jones & Company, Inc.
Hapag-Lloyd (XE:HLAG)
Historical Stock Chart
From Nov 2022 to Dec 2022 Click Here for more Hapag-Lloyd Charts.
Hapag-Lloyd (XE:HLAG)
Historical Stock Chart
From Dec 2021 to Dec 2022 Click Here for more Hapag-Lloyd Charts.