SAAM to Take Majority Stake in Intertug
Chilean Sociedad Matriz SAAM has signed an agreement with the shareholders of Intertug Investment Holding, a towage services provider operating in Colombia, Mexico and Central America, to acquire 70% of the company.
“The partnership with Intertug allows us to enter Colombia, one of the fastest-growing economies in Latin America, and to reinforce our presence in Mexico and Central America,” Macario Valdés, SAAM’s CEO, commented.
With the newest acquisition, SAAM Towage continues to consolidate its position as the largest tug operator in the Americas. Once the deal is completed, SAAM will operate a fleet of more than 170 tugs in 11 countries.
“This transaction is consistent with our growth and internationalization strategy and is complemented by the acquisition of 100% of the operations in Canada, Mexico, Brazil and Panama, and our recently announced entry into El Salvador,” the executive added.
Intertug has more than 25 years’ experience providing harbor towage, offshore and special services in Colombia, Mexico and Central America. Its 25-vessel fleet logs more than 18,000 maneuvers a year, generating around USD 44 million in towage service revenue annually.
As informed, the agreement is subject to approval from regulatory authorities and compliance with other relevant conditions. SAAM plans to finance the acquisition with a combined capital increase and share purchase.