German shipping major Hapag Lloyd has completed the acquisition of SM SAAM’s terminal business and related logistics services .
As explained, the acquisition is based on an agreement announced in October 2022. The transaction was approved unconditionally by the relevant antitrust authorities of all countries involved in this acquisition process.
The transaction includes interests in terminals in Iquique, Antofagasta, San Antonio, San Vicente and Corral (Chile), Port Everglades (United States / Florida), Mazatlán (Mexico), Buenavista (Colombia), Guayaquil (Ecuador) and Caldera (Costa Rica) as well as related logistics services.
The new entity will be led by its CEO, Mauricio Carrasco , who has been Managing Director for the Terminals Division within the SAAM Group since 2020.
The acquisition is expected to further strengthen Hapag-Lloyd’s core liner shipping business and help the carrier to build up a robust and attractive terminal portfolio.
“We are very pleased about the successful completion of this transaction, which significantly increases our footprint in Latin America and underlines our commitment to the Latin American markets. Looking ahead, we will focus on further developing the business and on continuing to offer the best quality to all of SAAM Terminals’ customers,” said Rolf Habben Jansen , CEO of Hapag-Lloyd AG.
Hapag-Lloyd has continuously expanded its involvement in the terminal sector and holds stakes in the Container Terminal Wilhelmshaven, the Container Terminal Altenwerder in Hamburg, the Italy-based Spinelli Group, the India-based J M Baxi Ports & Logistics Limited, Terminal TC3 in Tangier, and Terminal 2 in Damietta, Egypt, which is currently under construction.