SAAM to acquire all joint operations with Boskalis for US$201m

Sociedad Matriz SAAM S.A has signed a US$201m deal to acquire all towage operations jointly controlled with Royal Boskalis Westminster N.V. (Boskalis) in Brazil, Mexico, Panama and Canada.

Once the deal is finalised, SAAM will own 100% of operations in these companies and as a result, will acquire 49% of the business in Mexico, Panama and Canada and 50% in Brazil.

These countries reported revenue of US$205m in 2018 and the joint operations boast a total fleet of 106 tugs operating in 30 ports in four countries, including Santos in Brazil, Colón and Balboa in Panama.

Macario Valdés, SAAM’s CEO, said: “The partnership with Boskalis has been very productive: In just over four years, we have grown the business in Canada and improved our position in Brazil.

“Today we want to take another step forward. Since the towage area is at the core of our business, SAAM can play an important role in consolidating and growing this industry.”

As a result of the agreement, which is yet to be approved by regulatory authorities, SAAM consolidates as one of the main global operators with a total fleet of 153 tugs and operations in nine countries across the Americas.

Valdés added: “We perform over 100,000 towage manoeuvres each year in the 60 plus ports where we operate. Every five minutes we begin a new manoeuvre somewhere in the Americas.

“This is a business we want to strengthen and develop for the future.”