APM Terminals signs agreements to acquire 100% of Grup Maritim TCB

APM Terminals announced the agreement with Perez y Cia to acquire their majority share of 61% in Grup Maritim TCB. As a result, APM Terminals has now agreed to acquire 100% of the issued shares and to become the sole controlling shareholder of Grup Maritim TCB. The implied enterprise value of the transaction is approximately $1bn with expected capital expenditure investments of $400m over the next 5 years, subject to market conditions. In the short term the acquisition will be ROIC (Return on Invested Capital) dilutive due to ongoing investments in Guatemala and other markets.

The transaction is expected to close in Q1 2016, subject to certain conditions including relevant approvals.

APM Terminals CEO Kim Fejfer said, “This 100% share agreement reflects a major milestone in paving the way for closing this deal and expanding our competitive offerings for our clients. The complementary expertise and market geography of the Grup Maritim TCB portfolio will enable us to bring more value to our clients, achieve our growth ambitions and further diversify our global portfolio.”

Grup Maritim TCB has 11 container terminals with an annual throughput capacity of 4.3m TEUs and an estimated annual container volume of 3.5m TEUs. The portfolio consists of Spanish container terminal concessions in Barcelona, Valencia and Castellon, on the Mediterranean coast, along with the concessions in Gijon, on the Bay of Biscay, as well as Santa Cruz on Tenerife and Santa Cruz on La Palma. Outside of Spain, Grup Maritim TCB’s terminal operations include Izmir, Turkey; Yucatan, Mexico; Quetzal, Guatemala which is under construction and due to open in 2016; Buenaventura, Colombia, on the Pacific Coast; and Paranagua, Brazil.

The acquisition increased the number of APM Terminals Global Terminal Network operating facilities to 74, in 40 countries across five continents.