A.P. Moller Capital has agreed to acquire Singapore-based Portek International from Mitsui & Co. through its Emerging Markets Infrastructure Fund II, the Copenhagen-based investor announced on 15 October. Financial terms were not disclosed.
Why A.P. Moller Capital (Emerging Markets Infrastructure Fund II) is buying Portek International Pte. Ltd. (from Mitsui & Co.)
A.P. Moller Capital said Portek fits its investment strategy and active-owner approach, and that it plans to work with Portek's local teams on operational performance, governance, safety, capital discipline and environmental performance, including emissions-reduction planning.
Deal terms and financing
The fund will buy 100% of Portek. Portek, founded in 1988, holds interests in seven terminals in Algeria, Gabon, Indonesia, Latvia, Malta and Vietnam and provides port engineering and operations and maintenance services. It employs about 1,400 people and handles roughly 7 million tonnes of bulk cargo, 700,000 containers and 90,000 vehicles a year.
Regulatory approvals and timing
Completion is subject to customary closing conditions, including regulatory and other third-party approvals.
Market context
The deal adds to A.P. Moller Capital's holdings in AC Logistics in the Philippines and Bergé Logistics, and to recently signed agreements to buy majority stakes in Globex Investissement and Euroports.
