APM Terminals (APMT) has upped its agreed stake in Grup Maritime TCB from the 61% share it announced last month to a full 100% stake in a US$1bn transaction.
Following the agreement with Perez y Cia for its majority share in the Spanish terminal operator, the Maersk-subsidiary has now signed agreements with the minority shareholders for their remaining share.
Capital expenditure investments of US$400m are expected over the next five years, subject to market conditions.
In the short term, the acquisition will be return on invested capital (ROIC) dilutive due to ongoing investments in Guatemala and other markets.
APMT CEO Kim Fejfer said that the 100% share agreement reflected a “major milestone in paving the way for closing this deal”.
“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,” he added.
Grup Maritim TCB has 11 container terminals with an annual throughput capacity of 4.3m teu and an estimated annual container volume of 3.5m teu.
The Barcelona-based company 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, and in the Canary Islands: Santa Cruz on Tenerife and La Palma on Gran Canaria.
Outside of Spain, Grup Maritim TCB’s terminal operations include Izmir, Turkey; Yucatan, Mexico; Quetzal, Guatemala (under construction, opening 2016); Buenaventura, Colombia, on the Pacific Coast; and Paranagua, Brazil.
A company statement said that the acquisition would help APMT “establish a stronghold in Spain at a time when market recovery is expected” and “strengthen its position in high growth markets of Latin America”.
This deal increases the number of operating facilities in APMT’s global terminal network to 74, in 40 countries across five continents.