Hapag buys terminal/logistics business of SM SAAM for $1bn

German carrier Hapag-Lloyd signed an agreement with Chile-based SM SAAM S.A. to acquire 100 percent shares of SAAM Ports S.A. and SAAM Logistics S.A, and thereby the entire company's terminal business and associated logistics services.

"The contracting parties agreed upon a price of around $1 billion, which also includes real estate assets related to the logistics business," says a release from Hapag.

Chile-based SM SAAM is a terminal operator, logistics company and towage provider active in multiple countries in the Americas. "SM SAAM's terminal business participations include 10 terminals in six North, Central and South American countries with around 4,000 employees and a combined container throughput of around 3.5 million TEU in 2021. The related logistics services complement the terminal business at five locations in Chile with around 300 employees. SM SAAM's tugboat services and airport logistics services businesses are not part of the transaction and will remain with SM SAAM."

Rolf Habben Jansen, CEO, Hapag-Lloyd says: "Investing in terminal infrastructure is a key element of our strategic agenda, and Latin America is one of our stronghold markets. 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."

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, the release added. "Hapag-Lloyd also has a stake in the Container Terminal Altenwerder in Hamburg and in Terminal TC3 of the Moroccan port of Tangier."

The closing of the transaction is subject to approval by antitrust authorities and additional conditions, the release added.