HHLA Acquires Estonia’s Biggest Terminal Operator
- Business & Finance
In an effort to expand regionally, Germany’s Hamburger Hafen und Logistik AG (HHLA) has decided to acquire Estonia’s biggest terminal operator Transiidikeskuse AS.
As informed, a corresponding contract between HHLA and Kantauro OÜ was signed on March 26. Under the terms of the contract, HHLA acquired 100% of Transiidikeskuse AS shares.
The transaction, subject to various conditions, is expected to be completed in the second quarter of 2018. The new subsidiary, located at the Port of Muuga, will be allocated contractually and organizationally to HHLA International GmbH.
Commenting on the acquisition of Transiidikeskuse AS, Angela Titzrath, Chairwoman of HHLA’s Executive Board, explained: “Estonia is one of the fastest-growing economies in Europe and a pioneer when it comes to digitisation. We are therefore pleased to be integrating Transiidikeskuse AS – already a profitable and high-performing company – into the HHLA family.”
“One of HHLA’s targets is to grow internationally… The acquisition enables us to enter a promising regional market that offers growth potential as a result of its geographic position and its link to the New Silk Road,” Titzrath added.
“This transactions links Estonia and Muuga into the heart of Hamburg, where HHLA operates 3 terminals. The negotiations have not been easy but the knowledge that the company will be in good hands and that the new owner will open the next chapter in the history of Estonian transit history, made concluding the transaction easier,” Anatoli Kanajev, Transiidikeskuse AS Chairman of the Supervisory Board, commented.
The Port of Muuga is the main port in Estonia and an important maritime location in the Baltic region. Transiidikeskuse AS operates a container and multipurpose terminal for breakbulk, bulk and RoRo cargo.
With the acquisition of Transiidikeskuse AS, HHLA said it is “expanding its regional diversification.” Since 2005, HHLA has also been operating a container terminal outside of Hamburg in the Ukrainian city of Odessa.