Hapag-Lloyd AG announced that it is acquiring the terminal business and associated logistic services of Chile-based terminal operator SM SAAM in a US$1 billion deal.
SM SAAM is a terminal operator, logistics company and towage provider active in multiple countries in the Americas and is founded in 2012.
Its terminal business participation comprises 10 terminals in six North, Central and South American countries with around 4,000 employees and combined container throughput of around 3.5 million TEU in 2021.
"Hapag-Lloyd AG and SM SAAM S.A. signed a binding agreement under which Hapag-Lloyd will acquire 100 % of the shares of SAAM Ports S.A. and SAAM Logistics S.A. and thereby the entire company’s terminal business and associated logistics services," the German international shipping and container transportation company said.
"The contracting parties agreed upon a price of around USD 1 billion, which also includes real estate assets related to the logistics business," it added.
Hapag-Lloyd said the related logistics services complement the terminal business at five locations in Chile.
Latin America expansion
SM SAAM's tugboat services and airport logistics services businesses are also not part of the transaction and will remain with SM SAAM.
"Investing in terminal infrastructure is a key element of our strategic agenda, and Latin America is one of our stronghold markets," said Rolf Habben Jansen, CEO of Hapag-Lloyd.
"Acquiring SM SAAM's terminal operations and complementary logistics services will help us to further strengthen our business while building up a robust and attractive terminal portfolio," Jansen added.
In driving its Strategy 2023, Hapag-Lloyd has continuously expanded its involvement in the terminal sector, most recently by announcing that it aims to acquire a minority stake in the Italy-based Spinelli Group, by acquiring a stake in JadeWeserPort in Wilhelmshaven, and by investing in the construction of Terminal 2 in the Egyptian port of Damietta.
Hapag-Lloyd also has a stake in the Container Terminal Altenwerder in Hamburg and in Terminal TC3 of the Moroccan port of Tangier.
The shipping giant said the closing of the transaction with SM SAAM is subject to approval by the relevant antitrust authorities and to additional conditions customary for a transaction of this kind.
