Hapag-Lloyd announced that it successfully completed its 100 % acquisition of SM SAAM's terminal business and related logistics services, which is based on an agreement announced in October 2022.
It said that the transaction was approved unconditionally by the relevant antitrust authorities of all countries involved in this acquisition process.
Latin America expansion
"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," said Rolf Habben Jansen, CEO of Hapag-Lloyd AG.
"Looking ahead, we will focus on further developing the business and on continuing to offer the best quality to all of SAAM Terminals' customers," he added.
In its announcement, Hapag-Lloyd noted that investing in terminal infrastructure is a key element of its strategic agenda, and Latin America is one of its key markets.
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 acquisition will further strengthen Hapag-Lloyd's core liner shipping business and help the carrier to build up a robust and attractive terminal portfolio," it added.
Hapag-Lloyd said the new entity would be led by its CEO, Mauricio Carrasco, who has been managing director for the Terminals Division within the SAAM Group since 2020.
Carrasco is an experienced senior executive with long-standing experience in Latin America and globally. He has served as senior vice president of Development at CSAV and as a senior director at Hapag-Lloyd, with responsibilities in the Americas, China, Dubai, and India.
Rodolfo Díaz, former senior director of the Business Administration Region Latin America at Hapag-Lloyd, will join him as CFO.
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.
