Maersk pulls out of Russia
A.P. Moller-Maersk’s (Maersk) terminals business, APM Terminals (APMT) has decided to sell its shares in Global Ports Investments (GPI).
Following the announcement of Maersk’s commitment to discontinue activities in Russia earlier this year, APMT has now entered into a binding agreement, subject to regulatory approvals, to divest its entire 30.75% shareholding in GPI to its long-standing joint venture partner Delo Group, which also owns 30.75% of the shares in GPI. The transaction has been undertaken on an arm’s length basis and includes an ability for APMT to re-enter the partnership with Delo in the future.
With the divestment of its shares in GPI, APMT will no longer be involved in any entities operating in Russia or own any assets it the country. The transfer of share ownership will take place after regulatory approvals have been obtained.