SAS Shipping Agencies Services Sàrl, a subsidiary of MSC Mediterranean Shipping Company — the world’s largest container shipping company, has taken a majority stake in Norwegian transportation company Gram Car Carriers (GCC).
Following the acquisition, the MSC subsidiary will own almost 97% of the share capital and voting rights of GCC.
In late April 2024, the board of directors of GCC said that an agreement was reached with SAS for the launch of a voluntary cash tender offer to acquire all issued and outstanding shares of the company. A cash consideration of NOK 263.69 was offered per share, in line with the agreement between the two companies.
As explained, SAS’ main objective is to expand the MSC Group’s presence in the market for car transportation at sea. This market presents business elements that are familiar to the MSC Group, which already has two car carrier ships and transports regularly, on its containerized vessels, an important volume of cars in containers.
SAS has received regulatory approvals from the relevant authorities in Ukraine, Portugal and Japan. As a result, the closing condition relating to regulatory approvals has been satisfied.
GCC is the world’s third-largest tonnage provider within the pure car truck carriers (PCTCs) segment with seventeen vessels across the distribution, mid-size and Panamax segments.
Back in 2022, GCC formed Global Auto Carriers (GAC) to order multi-fuel 7,000 CEU pure car truck carriers (PCTC) in China.