APM Terminals has secured a deal that will allow it to sell its 76% share in the APM Terminals Zeebrugge container terminal to COSCO Shipping Ports for a price of EUR 35 million (USD 42 million).
According to a statement released by APM Terminals, “The acquisition will bring COSCO SHIPPING Ports’ shareholding in the 1 million TEU annual capacity terminal in Belgium’s second-busiest container port to 100%. As part of the transaction, APM Terminals has proposed to buy back 25% of the Shanghai International Port Group (“SIPG”) shares and will then sell them together with APM Terminals’ own 51% stake in Zeebrugge to COSCO SHIPPING Ports. Further details of the transaction have not been disclosed which is subject to customary regulatory approvals – expected to take three to four months for completion.”
Wim Lagaay, Head of APM Terminals USA and Europe Portfolio, based in The Hague, Netherlands, said, “Our decision to divest Zeebrugge reflects our portfolio strategy to focus on long term core assets. We believe COSCO SHIPPING Ports is the right long-term owner of the Zeebrugge facility and will continue to grow the port for customers, employees and the Zeebrugge stakeholder community.”
The terminal was opened by APM Terminals in October 2006 and subsequently, the company sold a 24% share in 2014 to COSCO Shipping Ports.