Hapag-Lloyd will acquire the entire terminal business of the Chile-based company SM SAAM, including SAAM Ports and SAAM Logistics, for approximately US$1 billion.
The two parties signed an agreement according to which the German shipping firm will take over 100% of the shares of the two SAAM companies and thereby the entire SM SAAM’s terminal business and associated logistics services.
SM SAAM is a terminal operator, logistics company and towage provider active in multiple countries in the Americas. It was founded in 1960 and has been listed on the Santiago Stock Exchange (SSE) since 2012.
SM SAAM’s terminal business comprises 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 together 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, according to a statement.
“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,” commented Rolf Habben Jansen, CEO of Hapag-Lloyd.
The closing of the transaction is subject to approval by the relevant antitrust authorities and to additional conditions customary for a transaction of this kind.
Hapag-Lloyd has continuously expanded its involvement in the terminal sector, following its Strategy 2023. The Hamburg-based ocean carrier has recently announced its plans to acquire a 49% stake in the Italy-based Spinelli Group, the stake acquisition in JadeWeserPort in Wilhelmshaven, and investment 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.
