COSCO Shipping to Buy 51 Pct Stake in Spain’s Noatum Port
Hong Kong-listed COSCO Shipping Ports Limited has entered into an agreement to purchase a 51 percent stake in the Spanish container terminal operator Noatum Port Holdings.
The EUR 203 million (USD 228 million) worth deal includes the company’s container terminals in Valencia and Bilbao, as well as the dry ports of Madrid (Conterail) and Zaragoza (Noatum Rail Terminal Zaragoza).
Noatum Container Terminal Bilbao and Valencia, as public terminals, will continue to offer their infrastructure and services to all shipping companies calling at the ports of Bilbao and Valencia, respectively, under conditions of neutrality and in accordance with concession terms and contract commitments. The company added that the same will apply for the dry port terminals.
Under the deal, the parties said that they will aim to maximize the capacity and performance of the terminals by implementing long-term strategic plans.
“The new partnership enhances our capacity to increase cargo volumes and reinforces the ports of Valencia and Bilbao, as well as improve service levels to customers,” Douglas Schultz, CEO of Noatum Ports and Maritime, said.
Noatum Port Holdings informed that the completion of the transaction is subject to shareholder approval, certain conditions precedent and relevant regulatory approvals being achieved.