Hapag-Lloyd Acquires Terminal Business from SM SAAM S.A.

Hapag-Lloyd AG and the Chilean SM SAAM S.A. have today signed a share purchase agreement under which Hapag-Lloyd will acquire 100% of the shares in SAAM Ports S.A. and SAAM Logistics S.A. The transaction includes the entire terminal business of SM SAAM as well as associated logistics services.

(Hamburg/Las Condes) The parties have agreed on a price of approximately 1 billion US dollars, which also includes the real estate assets associated with the logistics business.

Based in Chile, SM SAAM is a terminal operator, logistics provider, and tugboat company operating in several countries in North, Central, and South America. The company was founded in 1960 and has been listed on the Santiago Stock Exchange (SSE) since 2012. SM SAAM’s terminal business includes ten terminals in six countries in North, Central, and South America with around 4,000 employees and a container throughput of approximately 3.5 million TEU in 2021. The container logistics sector complements the terminal business at five locations in Chile with around 300 employees. The SM SAAM business areas of tug services and airport logistics services are not part of the transaction and will remain with SM SAAM.

Investments in Terminal Infrastructure

“Investments in terminal infrastructure are a key component of our strategic agenda, and Latin America is one of our home markets. The acquisition of the terminal operations and associated logistics services from SM SAAM will help us strengthen our business further and build a robust and attractive terminal portfolio,” said Rolf Habben Jansen, CEO of Hapag-Lloyd.

With the implementation of its Strategy 2023, Hapag-Lloyd has continuously expanded its commitment in the terminal sector, most recently by announcing the acquisition of a minority stake in the Italian Spinelli Group, through a stake in JadeWeserPort in Wilhelmshaven, as well as in the construction of Terminal 2 at the Egyptian port of Damietta. In addition, Hapag-Lloyd is involved in the Altenwerder container terminal in Hamburg as well as in the TC3 terminal in the Moroccan port city of Tangier.

Antitrust Authorities Must Approve

The completion of the transaction is subject to approval by the relevant antitrust authorities as well as other conditions under which a transaction of this nature occurs.

Photo: © Hapag-Lloyd