Hapag-Lloyd completes SM SAAM acquisition

Hapag-Lloyd successfully completed its 100 percent acquisition of SM SAAM’s terminal business and related logistics services based on an agreement announced in October 2022.

"The transaction was approved unconditionally by the relevant antitrust authorities of all countries involved in this acquisition process," says an official release.

“We are very pleased about the successful completion of this transaction, which significantly increases our footprint in Latin America and underlines our commitment to the Latin American markets," says Rolf Habben Jansen, CEO, Hapag-Lloyd. "Looking ahead, we will focus on further developing the business and on continuing to offer the best quality to all of SAAM Terminals’ customers."

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Investing in terminal infrastructure is a key element of Hapag-Lloyd’s strategic agenda, and Latin America is one of its key markets, the release added. "The transaction includes interests in terminals in Iquique, Antofagasta, San Antonio, San Vicente and Corral (Chile), Port Everglades (United States/Florida), Mazatlán (Mexico), Buenavista (Colombia), Guayaquil (Ecuador) and Caldera (Costa Rica) as well as related logistics services. The acquisition will further strengthen Hapag-Lloyd’s core liner shipping business and help the carrier to build up a robust and attractive terminal portfolio."

The new entity will be led by its CEO Mauricio Carrasco who has been Managing Director for the terminals division within the SAAM Group since 2020. "Mauricio Carrasco is an experienced senior executive with long-standing experience in Latin America and globally. He has served as Senior Vice President of Development at CSAV and as Senior Director at Hapag-Lloyd with responsibilities in the Americas, China, Dubai, and India. Rodolfo Díaz, former Senior Director, Business Administration Region Latin America, Hapag-Lloyd, will join him as CFO."

Hapag-Lloyd holds stakes in the Container Terminal Wilhelmshaven, the Container Terminal Altenwerder in Hamburg, Italy-based Spinelli Group, India-based J M Baxi Ports & Logistics, Terminal TC3 in Tangier and Terminal 2 in Damietta, Egypt, which is currently under construction, the release added.