A.P. Moller Capital, in a new move, has acquired full ownership of the Singapore-based terminal operator Portek International from the Japanese trading company Mitsui & Co.
Transaction Details
This Copenhagen-based infrastructure investor is purchasing 100% of Portek's shares through its Emerging Markets Infrastructure Fund II. Financial details of the transaction have not been disclosed.
Portek's Portfolio and Activities
Founded in 1988, Portek has interests in seven terminals located in Algeria, Gabon, Indonesia, Latvia, Malta, and Vietnam. The company's portfolio includes the Bejaia terminal in Algeria, the Riga terminal in Latvia, the Valletta terminal in Malta, and operations at the Tanjung Priok port in Indonesia.
The group employs around 1,400 people and its terminals manage approximately 7 million tons of bulk cargo, 700,000 containers, and 90,000 vehicles annually. Additionally, Portek provides port equipment engineering, maintenance, and operational services primarily from Singapore and Indonesia.
Company History and Recent Developments
Mitsui acquired Portek in 2011 after an aggressive competition with the Philippine terminal operator ICTSI, which withdrew its competitive offer for the Singaporean company.
This new move adds to a series of port investments by the Maersk family-backed fund manager. In September, A.P. Moller Capital agreed to acquire 53.35% of the shares of Thaumas, which is behind Euroports and operates over 50 terminals in Europe and China.
This follows the purchase of 51% of the shares of the Spanish port and logistics group BERGÉ last year, which has expanded its operations in Spain and Latin America. The company's broader logistics portfolio also includes AC Logistics in the Philippines, while another recent deal focuses on acquiring a majority stake in Globex Investissement in Morocco.
The completion of the Portek acquisition is subject to legal approvals and other third-party confirmations.
