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APM Terminals (APMT), a subsidiary of Danish shipping company Maersk, has agreed to sell its 30.75% stake in Russia-based container terminal operator Global Ports Investments (GPI).
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The move is part of Maersk’s commitment, which was announced earlier this year, to end its operations in Russia as a result of the country’s military incursion against Ukraine.
The stake is being divested to Delo Group, a long-standing joint venture partner of the company, which also has a 30.75% interest in GPI.
Conducted on an arm’s length basis, the deal provides an option for APMT to re-enter the alliance with Delo in the future.
Following the sale of its stake in GPI, APMT will no longer own any assets in Russia or engage with any entity having operations in the country.
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By GlobalDataThe latest deal is awaiting regulatory clearance.
APM Terminals CEO Keith Svendsen said: “We are pleased that we have now concluded this transaction according to the plan and with our long-standing partner Delo, enabling us orderly exit from GPI in line with our decision to discontinue activities in Russia.”
Claimed to be the largest container terminal operator in the Russian market, GPI is the owner and operator of seven marine container and multipurpose terminals in two major marine container gateways.
Container handling is the key business of GPI.
The group also handles multiple other types of cargo, including bulk, cars and other types of roll-on roll-off cargo.
Last week, China International Marine Containers (CIMC) abandoned an acquisition deal with Maersk, linked to a refrigerated containers manufacturer, over regulatory challenges.
