Maersk-owned port and terminal operator APM Terminals (APMT) has entered into an agreement to divest its 30.75% shareholding in Global Ports Investments PLC (GPI) to Russian transportation and logistics company Delo Group.
Maersk has decided to sell its share in the Russian port operator since mid-March due to Putin’s invasion of Ukraine.
“Following the announcement of Maersk’s commitment to discontinue activities in Russia earlier this year, APMT has now entered into a binding agreement, subject to regulatory approvals, to divest its entire 30.75% shareholding in GPI to APMT’s long-standing joint venture partner Delo Group who also owns 30.75% of the shares in GPI,” confirmed Maersk in a statement.
As a result of this transaction, Delo Group will own 61.5% of the shares in Global Ports.
The transaction has been undertaken on an arm’s length basis and includes an ability for APMT to re-enter the partnership with Delo in the future, according to the announcement.
“We are pleased that we have now concluded this transaction according to the plan and with our long-standing partner Delo, enabling us orderly exit from GPI in line with our decision to discontinue activities in Russia,” commented Keith Svendsen, CEO of APM Terminals.
