Dutch dredging and maritime company Boskalis, together with its co-shareholder Kotug, has completed the sale of Kotug Smit Towage to Boluda Group (Boluda).
The transaction, revealed in early March 2019, is in line with the initial plan, with Boskalis receiving EUR 93.6 million (USD 103.2 million) in cash for its 50% equity stake in the joint venture resulting in a book gain of EUR 15 million.
The company said that the cash inflow will be reflected in the third quarter whilst activities and results of Kotug Smit Towage were deconsolidated as per April 1, 2019 following the signing of the Letter of Intent (LoI).
The Kotug Smit Towage joint venture was formed in 2016 and, at the time, covered 11 ports in 4 countries, including the Netherlands, Belgium, Germany and the United Kingdom. Since then the joint venture expanded its presence into new ports and realized efficiency savings.
With a fleet of over 230 vessels, the Spanish tug boat operator Boluda holds an important international position in the main ports of Europe, Africa, the Indian Ocean and Latin America.
“The combination of Kotug Smit Towage and Boluda is highly complementary making this transaction attractive for all stakeholders,” the parties noted.