Imperial retires from inland navigation in Europe
As announced some time ago, South Africa-based Imperial Logistics has decided to sell its inland shipping activities in Europe. The buyer is the German company Häfen und Güterverkehr Köln (HGK). The purchase price is EUR 176 million with the value of the business being estimated at EUR 225 million.
The acquisition is subject to approval of the shareholders and the relevant competition authorities. The transaction, which involves around 400 vessels, 45 million t of annual cargo shipments and a staff of 900 employees, is scheduled to be completed by 30 June.
Imperial took over these inland shipping operations from Lehnkering in 2011. To date, the HGK network comprises, among others, HTAG, the neska group, which HGK acquired from Imperial Logistics already back in 2015, and a 50% stake in Rhein Cargo as a merger with Neuss-Düsseldorfer Häfen (NDH).
Imperial Logistics International’s business in Latin America (Paraguay, for instance) is not part of the sale. (cd)